Cyprus continues its economic stride with the IMF refining state salaries and Kedipes’ €60 million debt repayment. Industrial growth and Cypriot innovators at Eurosatory 2024 further boost confidence, while the Cyprus Stock Exchange reports incremental gains.
Moody’s has upgraded Cyprus’ economic outlook to positive, citing confidence in the country’s fiscal discipline and debt management. Fiscal surpluses are projected to be around 2.32.4% of GDP for 202425, with national debt potentially falling below 65% of GDP by 2025.
Fitch Ratings has revised Cyprus’ longterm outlook from stable to positive, indicating confidence in the country’s economic resilience, fiscal management, and improvements in the banking sector. The agency predicts a government budget surplus and increasing GDP, with a decrease in nonperforming loans contributing to financial stability, although regional geopolitical risks remain a concern.
The economic outlook for Cyprus in 2024 is positive, with a projected 2.2% surplus in the state budget. Key priorities include tax reform, ending energy isolation, business competitiveness, modernization, and reforms in healthcare and governance. Efforts to maintain Cyprus’ international reputation and collaboration with experts on sanctions are also highlighted.
