Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report

June 16, 2021

Summary

The COVID-19 pandemic has interrupted Cyprus’s strong economic growth over the past few years. High dependence on service sectors and strict containment measures led real output to contract by 5.1 percent (yoy) during 2020. Growth is projected to recover to 3 percent in 2021 as the vaccine rollout gathers pace despite the ongoing new wave of infections, but significant downside risks remain, reflecting the high uncertainty of the path of the epidemic.

Subject: COVID-19, Financial institutions, Fiscal policy, Fiscal stance, Health, International organization, Loans, Monetary policy, Nonperforming loans, Public debt

Keywords: COVID-19, Europe, Fiscal stance, land price index, liability positions vis-à-vis nonresident, Loans, Nonperforming loans, Policy issue, policy priority, Residential Property price index, SDR million, support measure, support package

Pages:
82
Volume:
2021
DOI:
https://doi.org/10.5089/9781513587646.002
Issue:
125
Series:
Country Report No. 2021/125
Stock No:
1CYPEA2021001
ISBN:
9781513587646
ISSN:
1934-7685

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