The International Monetary Fund has raised its forecast for Cyprus’ economic growth in 2024 from 2.7% to 3.3%.
This updated prediction comes from the IMF’s October World Economic Outlook report released on Tuesday.
According to the report, Cyprus is expected to achieve a GDP growth rate of 3.3% in 2024, with a slight dip to 3.1% in 2025. This marks an increase from earlier estimates made in April, when growth was projected at 2.9%.
Cyprus is poised to have the third-highest growth rate in the eurozone next year, trailing only Malta at 5% and Croatia at 3.4%.
The Cypriot Ministry of Finance is even more optimistic, predicting a growth rate of 3.7% in 2024 and maintaining 3.1% for 2025 in its state budget. This positive outlook reflects confidence in the local economy’s resilience and potential for expansion.