Euro membership 'should boost Cyprus economy'

Tuesday January 15th , 2008

Entering the euro could prove to be highly beneficial for Cyprus' economy, experts have stated.

PricewaterhouseCoopers (PwC) said the island was set to see strong economic growth of at least four per cent during 2008, reports the Cyprus Mail.

Head of macro-consulting Yael Selfin stated that this would be partly because of its accession to the single European currency at the start of the year.

He commented: "The economic outlook for the Cyprus economy continues to be positive and the introduction of the euro in 2008 is expected to give it an additional boost."

PwC added that the tourism sector would be an important contributor to the island's performance during the next 12 months.

The organisation said the holiday industry had improved over the last year, as it had a "particularly solid summer".

Cyprus's entry into the euro has also been highlighted as a development that could attract foreign property investors to the island.

UK newspaper the Telegraph recently said it offered "good growth potential" to overseas buyers because of the changeover.