This paper discusses Cyprus' Second Post-Program Monitoring Discussions. Cyprus's economic recovery has strengthened. GDP growth has reached 3.9 percent in 2017, with upbeat activity concentrated in construction, tourism and professional services. The unemployment rate has continued to decline...

This paper discusses the First Post-Program Monitoring Discussions with Cyprus. Cyprus's economic recovery has continued to strengthen in the 15 months since it exited from the IMF-supported program. Economic growth has been broad based and reached a robust 2.8 percent in 2016, supporting a...

This paper discusses the economic recovery of Cyprus. Although progress on the structural reform agenda has been modest, the economic recovery has continued to gain strength. A range of policies have been discussed to accelerate reductions in nonperforming loans to revive lending and boost...

This paper discusses Cyprus' Eighth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria (PC). Cyprus continues to recover from the crisis, and program performance remains generally strong. Risks to the program remain,...

This paper analyzes the economic effects of weak claims enforcement for Cyprus. Claims enforcement in Cyprus is considerably less efficient than in most European Union countries. The banking crisis, which led to a spike in the number of pending litigious civil and commercial cases, could be a...

This 2017 Article IV Consultation highlights that the Cypriot economy has achieved an impressive turnaround since the 2012-13 banking crisis. GDP growth has been accelerating for three consecutive years on strong foreign demand. Rising labor demand has sharply lowered the unemployment rate to...

This paper presents the Third Post-Program Monitoring discussions with Cyprus. Cyprus's rapid recovery is expected to slow gradually; however, the outlook remains favorable. Economic growth is gradually decelerating but remains strong, buoyed by the services and construction sectors, partly...

This 2019 Article IV Consultation with Cyprus discusses that following a period of very rapid growth in the aftermath of the economic crisis, growth is gradually settling in at a more sustainable but still relatively robust pace despite the external slowdown. Output is projected to rise by...

This Selected Issues paper assesses Cyprus's export competitiveness and understands factors that could explain export developments, particularly in the services sector. Although Cyprus has been able to leverage its strategic location to diversity its markets for goods exports, as a small island...