NICOSIA, Cyprus – Bailed-out Cyprus' finance minister says the economy could grow by more than 1.8 percent in 2016 and above 2 percent the following year if authorities can keep the country's politics and finances even-keeled.
Presenting next year's budget to a parliamentary finance committee Monday, Harris Georgiades said growth this year would reach 1.5 percent, beating creditors' projections.
Georgiades said growth drivers include the maritime, tourism, services and real estate sectors. He said public debt will drop below 100 percent of annual economic output in the next few years.
Cyprus is expected next year to conclude a 10 billion euro ($11.36 billion) rescue deal it agreed with creditors in March, 2013 that forced a grab of uninsured deposits in its two largest banks and shuttered the second largest lender.