inflation trends

economic growth inflation trends

Cyprus GDP to grow by 2.9 per cent in 2024 — debt expected to fall in coming years

Cyprus is set to experience a 2.9 percent GDP growth in 2024, with expectations of a steady increase to 3.3 percent by 2027. Alongside this positive economic outlook, inflation is anticipated to stabilize at 2.5 percent in 2024, while unemployment rates are forecasted to drop from 5.8 percent to 5.1 percent by 2027, with government debt expected to decline significantly, enhancing the country’s financial stability.

economy inflation

Cyprus Inflation Rises by 1.8 Percent in February

In February 2024, Cyprus’s inflation rate increased by 1.8 percent, reaching a consumer price index of 114.93 points. The rise was mainly driven by a significant 3.7 percent increase in the services sector, though it remains below the European Central Bank’s target of 2 percent for the Eurozone.

consumer protection zero vat rate

Zero VAT Impact on Consumer Shopping Bills

Consumers are saving approximately €7.50 on a €95 purchase, thanks to the zero VAT rate on essential products, stabilizing prices for 72% of items. Retailers nationwide have embraced this policy, ensuring compliance rates between 75 and 100 percent, easing the financial burden on households and enhancing consumer shopping experiences.

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