Cyprus Economic Indicators Show Positive Trends Amid Global Challenges
Recent data indicates that Cyprus has made significant strides in improving its economic indicators, reflecting resilience amid global challenges. In December 2023, the government increased the minimum wage from €940 to €1,000 per month, a move that garnered mixed reactions from various stakeholders.
In 2024, major credit rating agencies recognized Cyprus' fiscal improvements. Both Fitch and S&P upgraded the country's long-term rating from "BBB" to "BBB+", acknowledging a budget surplus of 3.1% and a notable reduction in national debt, which is projected to decrease to 65.1% of GDP by 2025, down from 115% in 2020. These agencies also anticipate an annual economic growth of approximately 3% between 2024 and 2027, despite external challenges such as geopolitical tensions.Further affirming this positive trajectory, Moody's upgraded Cyprus' credit rating by two notches in November 2024, moving from Baa2 to A3. This upgrade reflects sustained fiscal improvements, significant debt reduction, and stable economic growth.These developments underscore Cyprus' commitment to fiscal responsibility and economic resilience, positioning the nation favorably for future growth.
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