Cyprus economy grows steadily with resilient labour market despite rising inflation
The Cyprus economy continues to demonstrate resilience to external shocks, growing at a rate of 3.3% in the first half of 2024, significantly outpacing the EU average, Finance Minister Makis Keravnos announced following a cabinet session. Despite geopolitical uncertainties and rising global fuel prices, the economy maintains a satisfactory growth pace.
The labour market shows similar strength, with unemployment at a low 4%. However, inflation has increased from 0.5% in January to 3.1% in June, with projections suggesting it will reach around 4% by the end of the year. The government is implementing €200 million in relief measures and continues to assess ongoing fiscal strategies to mitigate inflation's impact.
Fiscal discipline remains a priority, with the first half of the year recording a budget surplus of 1.1% of GDP. The government expects a surplus of approximately €900 million for 2026, supporting over €1 billion in social policies. Keravnos emphasized that surpluses are aimed at addressing national needs, particularly debt repayment, rather than accumulation for its own sake.
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