Cyprus: Staff Report for the 2006 Article IV Consultation

February 21, 2007

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Cyprus: Staff Report for the 2006 Article IV Consultation, (USA: International Monetary Fund, 2007) accessed November 22, 2024

Summary

This 2006 Article IV Consultation highlights that economic activity in Cyprus has recovered from a relatively weak performance in 2002–03. Declines in interest rates and strong capital inflows associated with Cyprus’s accession to the European Union in May 2004 spurred growth in private consumption and investment while recovering tourist receipts reduced the external drag on the economy. The economy is experiencing rapid credit growth and brisk housing price increases. Total credit to the private sector accelerated recently, with mortgage lending leading the expansion.

Subject: Cooperative banks, Expenditure, External debt, Financial institutions, Public debt, Public investment and public-private partnerships (PPP)

Keywords: Accession to the European Union, Cooperative banks, CR, Cyprus, Europe, Exchange rate, Global, Government, Government of the Republic of Cyprus, IMF staff estimate, Inflation criterion, ISCR, Public investment and public-private partnerships (PPP)

Publication Details

Pages:

61
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2007/076
Stock No:

1CYPEA2007002
ISBN:

9781451809909
ISSN:

1934-7685

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