Cyprus economy experiences further growth

Friday February 15th , 2008

Investment prospects in Cyprus have been boosted by new figures confirming continued economic growth on the island.

According to official government figures cited by Forbes, the country's gross domestic product in 2007 was 4.4 per cent up on the previous year.

This has prompted authorities on the Mediterranean island to forecast a similar rate of economic growth during 2008.

If these predictions prove to be accurate, this would mean that Cyprus's economy is growing at a faster than that of all the EU member states on average.

Although the overall trend for the year was one of upwards growth, the rate of increase during the final quarter of 2007 was found to be lower than in the same period of 2006.

This comes shortly after Cyprus' recent accession to the euro.

Authorities on the island were recently praised by the European Central Bank for their effective handling of the currency changeover.