Cyprus: Staff Report for the 2004 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 107

Publication date: March 2005

ISBN: 9781451809855

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Industries - Hospitality Travel and Tourism , Business and Financial , ISCR , CR , deficit , deficit target , authority , target , estimate , staff appraisal , IMF surveillance purpose , Cyprus authorities , authorities' areas of concern , staff view , Fiscal consolidation , Tourism , Middle East , Europe

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Summary

This 2004 Article IV Consultation highlights that economic growth in Cyprus has begun to rebound following a more modest performance in 2002–03, recovering in real terms to about 3½ percent in 2004, mainly driven by an increase in domestic demand. Real per capita income has continued to rise, now reaching above 80 percent of the average European Union 25 income level when adjusted for purchasing power. Looking ahead, growth is estimated at close to 4 percent in 2005, reflecting an improved external environment.