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YPOIK: The data confirm the resilience of the economy

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YPOIK: The data confirm the resilience of the economy

The real data on the growth rate of the economy confirm both the effectiveness of the government's support policies for companies and employees and the resilience of the Cypriot economy, says Finance Minister Konstantinos Petridis.

In a written statement on the occasion of the announcement of Eurostat data, which show that the contraction in Cyprus in 2020 amounted to 5.1%, Mr. Petridis notes that the contraction is “significantly smaller than any forecasts made during of the year ”and that the reduction of the Cypriot GDP for 2020 is also significantly smaller compared to the Eurozone as a whole (-6.8%) but also to the European Union (-6.4%).

READ ALSO: 1.4% GDP growth in Cyprus in the 4th quarter compared to the 3rd

“The real facts now confirm both the effectiveness of the government's support policies for companies and employees as well as the resilience of the Cypriot economy,” the Ministry of Finance emphasizes.

He also notes that the growth rate of Cyprus GDP in the fourth quarter of 2020 compared to the third quarter was 1.4%, which is the third best growth rate in the Eurozone, which as a whole recorded a negative growth rate of -0 , 6%.

Mr. Petridis emphasizes, however, that “the challenges for managing the pandemic are still ahead of us and are great, the problems in the market are real. “There is still uncertainty both in the rate of vaccinations that is crucial for the economy and in the fluctuation of the pandemic.”

The Government, says the Minister of Finance, “will continue to support the economy by all means, and in this it seeks the cooperation of all”, adding that “from now on, the attitude of responsibility of all of us towards compliance will play a decisive role in financial management.” of the protocols “.

“In this way, we will collectively lay the foundations for a strong recovery in the near future,” he concludes.

Source: www.philenews.com

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