Cyprus

This 2004 Article IV Consultation highlights that economic growth in Cyprus has begun to rebound following a more modest performance in 2002–03, recovering in real terms to about 3½ percent in 2004, mainly driven by an increase in domestic demand. Real per capita income has continued to rise, now reaching above 80 percent of the average European Union 25 income level when adjusted for purchasing power. Looking ahead, growth is estimated at close to 4 percent in 2005, reflecting an improved external environment.Article IV consultations;Economic indicators;Economic reforms;Staff Reports;Structural adjustment;Unemployment;gdp growth, current account, real gdp, central bank, gdp deflator, external debt, debt ratio, balance of payments, public debt, gnp, current account balance, external financing, public sector debt, debt dynamics, public finances, current account deficit, total external debt, debt stock, growth rates, debt sustainability, domestic currency, short-term debt, public finance, growth rate, nominal gnp, gdp growth rate, gdp growth rates, private consumption, fixed capital formation, budget balance, gross domestic product, reserve assets, debt service, gross fixed capital formation, long-term debt, capital formation, economic growth, debt service payments, external debt service, medium-term debt sustainability, foreign currency debt, external debt sustainability, capital account liberalization, domestic saving, budget system, gdp per capita, gnp per capita, general resources account, domestic debt, current account deficits, debt management, government deficit, external liabilities, long term debt, foreign debt, real gnp, budget systems, private banks, government debt