The Central Bank of Cyprus has reduced its estimate of the country's GDP growth this year to just 2%, while increasing its predictions for inflation rate to 3-3.5% and for unemployment to 3.4%.
The Banks's annual report for 2001 adds however that the public sector deficit will probably stay within the 3% Maastricht criterion.
Ministry of Finance figures for July confirmed the inflation trend, saying
that prices increased at 3.3% on an annual basis in July while for the first
seven months of this year, the inflation rate was 2.58%. The Ministry said that
'rounding up' after VAT and excise duty increases was partly to blame.
The figures come as a disappointment after a better performance in 2001, when
inflation dropped to 2% compared with 4.1% the year before, and unemployment
fell to 3% of the economically active population compared with 3.4% in 2000.
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