Cyprus is back on a growth track and has been ranked as one of the fastest growing EU economies. The country exceeded international expectations by turning its economy around in just three years following a devastating financial crisis. But far from resting on its laurels, the island is determined to maintain a steady pace in boosting efficiency and investor confidence.
Cyprus has shown remarkable resilience following the financial crisis of 2013 and has implemented tough austerity measures to restructure and diversify its economy. The country surpassed all expectations exiting recession in 2015 – a year earlier than first projected – and continuing to grow in 2016. Despite a challenging period for one of the smallest EU member states, the economic adjustment remained on track and progress has been made in all key objectives set out by the country’s international lenders, allowing Cyprus to reclaim its status as a self-determining and thriving economy.