In April, Cyprus saw a sharp increase in inflation with a rate of 2.4%, nearly double that of the previous month. The rise in the consumer price index to 117.09 units, driven by the expiration of government subsidies on oil products, has impacted local consumers significantly, leading to concerns over the cost of living.
The Economics Research Centre forecasts Cyprus’ GDP growth rate to be 2.6% in 2024, rising to 3.3% in 2025, with inflation predicted to decrease to 2.0% in 2024 and 1.9% in 2025, showing a promising economic outlook despite global challenges. The positive forecast from the Economics Research Centre at the University of Cyprus points to strong growth and lower inflation rates, backed by the island’s resilient domestic activities and labor market.
