Economy of Cyprus

Eurozone member Greek Cyprus is well out of recession, having notched up a third consecutive quarter of growth, and is looking for GDP to expand at least 1.5 percent this year, officials have said.

At first look, yesterday?s Turkish data releases seem to have discredited two-thirds of my last column, where I argued the economy was in a dangerous mix of slowing growth, persistent inflation and a stubborn current account deficit.

Turkey?s foreign trade deficit widened by 6.5 percent to over $7 billion in July compared to the same month of last year, data from the Turkish Statistical Institute (TÜ?K) showed on Aug. 31.

Turkey?s foreign trade deficit fell 21.6 percent in June from the same month in 2014 and 16.43 percent in the first half of the year from the same period in 2014, indicating improvement for three months in a row, data from the Turkish Statistical Institute (TÜ?K) showed on July 31. 

“Cyprus is a success story” was the exact term used by IMF spokesman Gerry Rice on Thursday to describe the island republic’s economic recovery, almost three years after its sovereign debt financial meltdown.

He added that a recent return to growth shows that the efforts undertaken to implement difficult reforms are beginning to pay-off, according to the Cyprus News Agency.

Cyprus's finance minister says his own bailed-out country could consider writing off 330 million euros ($370 million) in rescue loans to Greece if there is a deal with other euro area member nations to lighten the country's debt load.

The upcoming tender to find an operator for the Athens Ledra hotel has attracted the interest of three domestic and two foreign investors, according to banking and real estate sources. However, those investors are not interested in offering anywhere close to the redetermined asking price level of 48 million euros.

After years of encouraging comments about the Turkish economy, the warning bells have started to toll in many reports. Why now? As we all know, what has happened is that the economy?s most chronic problems have not been solved for the last decade.

Turkey received foreign direct investment worth $1.8 billion in January, Turkey?s Economy Ministry said in a statement late March 23.

Cyprus will not need all of the 10-billion-euro bailout it received in 2013 as its economy is recovering faster than expected, the country?s finance minister told AFP.