Finance minister Harris Georgiades stated that the Cypriot financial system’s boom rate in 2016 and next year “ will approach 3 per cent” on a boost from all significant productive sectors.

“Let me say that 2016 changed into in very admire key year for the course of the economy,” Georgiades informed lawmakers on Friday in his annual price range speech. “Cyprus came into a programme with its economy in deep recession and exited it with one of the highest economic growth rates in Europe”.

“It was a year in which the support programme had become necessary three years beforewas completed and the country proved that it can stand on its feet,” he said in reference to the completion of the adjustment programme in March, which the government agreed with worldwide creditors as part of a €10bn bailout in 2013."