Harris Georgiades Hails Strong Economic Growth

16/08/2017
Finance Minister Harris Georgiades says the 3.5% growth in the GDP results reflect “the economy’s strong growth” and notes in a written statement that for yet another quarter, growth is detected in all productive sectors. Public finances remain “under control”, he adds.
“Our economy’s strong growth, surpassing eventually 3.5% of GDP, creates new prospects for our fellow citizens and our country” notes Georgiades. He adds that not all difficulties have been tackled, but lost ground is being covered steadily.

Growth in essentially all productive sectors is recorded without resorting to reckless public spending or excessive lending, the Minister says.

He refers, moreover, to a series of measures in support of households and businesses, such as tax cuts, the reduction of lending rates and the financing schemes for small and medium enterprises.

“Public spending is under control, without any deviation from the balanced budget and allows for the promotion of new public projects” in addition to local or foreign private investments in various areas, Georgiades says.

Other measures the Minister mentions include the tax incentives given to innovative businesses, investment in research and increasing flight connectivity in support of tourism. He also says that there are opportunities in the country’s ports and in the energy sector. Unemployment is now falling under 11% and social policy is targeting those really in need, the Minister adds.

He concludes by saying that “this great, collective effort is bearing fruit” and “vindicates the efforts and sacrifices of our fellow citizens”.