Cyprus is expected to record the third highest growth rate in the Eurozone with 3.8 per cent for 2024, while unemployment, inflation and public debt continue their downward trend.
Addressing the second Cyprus-Greece business forum in Nicosia with Greek Prime Minister Kyriakos Mitsotakis, Christodoulides said the two countries, having left behind many years of challenges, are now two healthy and stable economies.
Cyprus, he said, aspired to become “one of the best places in the world for someone to live, work and be active” and in this direction the country was focusing its efforts on creating a stable and healthy fiscal environment and equipping the business community with the necessary instruments to face the challenges arising through the international market.
The largest investment in Cyprus, he added, was from Greece and exceeded €1 billion.
“The main precondition to achieve our ambitious aims is on behalf of the state, on our behalf, are the three pillars of fiscal responsibility, a stable and robust financial environment and of course continuous and bold reforms,” he said.
For 2024, he said, Cyprus was expected to have the third highest growth rate in the Eurozone at 3.8 per cent.
Unemployment during the first half of the year dropped to 5.2 per cent and in 2025 is projected to be 5 per cent.
Inflation will be around 2 per cent for 2024, compared to 3.5 per cent last year.
Christodoulides said the fiscal surplus was expected to reach 3.9 per cent for 2024 and public debt stood at 69 per cent of the GDP during the first quarter, recording the biggest drop of public debt in the EU.
“Our aim, which we will achieve, is to push it below 60 per cent of the GDP by 2026,” he added.
He said the economy’s positive course was reflected in the successive upgrading by rating agencies.
This continuous upgrading, he said, paved the way for attracting quality investments, lower interest rates, increased financial stability, new commercial agreements and “most importantly a better standard of living, creating better conditions for housing, education, healthcare and in general quality of life”.
Christodoulides referred to other indices as well, such as a 16.3 per cent improvement in the digitalisation of government services, well over the 3.1 per cent EU average.
The president said that through Cyprus’ cooperation with Greece, the digital citizen app has been formulated, where citizens can issue and save official documents.
The app will be available as of December 5 and will start off with identity cards, driving licences and MOTs.
In a tête-à-tête on Wednesday with Mitsotakis, on the sidelines of the summit, Christodoulides told Mitsotakis this was “a historic day because you are here with 14 ministers and deputy ministers”, the first time this has happened on such a scale.
Christodoulides said bilateral cooperation had benefited Cyprus in a range of sectors, such as shipping, health, education and energy, and that they would have a lot to talk about during the summit, including developments in the Cyprus problem.
Mitsotakis said summits between the two countries offer the opportunity to work together towards common goals with measurable results.
He added the summit would offer the opportunity to discuss major national matters amid geopolitical unrest in the region.
Mitsotakis welcomed the cease fire agreement between Israel and Lebanon, which he described as “an important first step in defusing the crisis”.
“Greece and Cyprus are always factors of stability in the broader region and this is something which is recognised by the region and our partners in Nato and the EU,” he added.
Later in the day, King Abdullah II of Jordan will be joining Christodoulides and Mitsotakis for the Cyprus-Greece-Jordan trilateral summit.
