Cyprus Government Predicts Strong Economic Growth

Article Date : 30 January 2008
News Section: Cyprus

The government in Cyprus is forecasting strong economic growth for the year ahead, according to local media.

Finance minister Michalis Sarris told the Financial Mirror that he was expecting the economy to expand by about four per cent in 2008.

Speaking to the newspaper, he said the revised estimates followed a higher than expected rate of economic growth recorded last year.

He commented: "'I believe the performance of 2007 was truly impressive and the predictions we made for 2008 were based on smoother growth rates."

Mr Sarris added that the majority of people on the island were now using euros, ahead of the day that the pound finally goes out of circulation.

He said the single European currency was now being used in approximately 95 per cent of transactions.

The Mediterranean island became a member of the euro at the beginning of 2008, four years after it joined the European Union.

Earlier this month, the Telegraph predicted that the currency changeover would boost Cyprus's appeal to foreign property buyers, due to factors such as favourable interest rates and rising house prices.

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Cyprus Government Predicts Strong Economic Growth

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