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Growth Cyprus Economy

International Monetary Fund said Cyprus’s

economy will grow a marginal 0.2 per cent this year after shrinking 2.3 per cent in 2014 before growth accelerates to 1.4 per cent in 2016.

The unemployment rate will drop from a 16.2 per cent in 2014 to 15.9 per cent this year, and will further drop to 14.9 per cent next year, the IMF said in its World Economic Outlook today. The current account will generate a 1.9 per cent of gross domestic product deficit this year, as much as it did in 2014 before the deficit shrinks to 1.4 per cent of GDP in 2016.

Consumer prices will decrease 1 per cent this year after dropping 0.3 per cent last year, the IMF said. In 2016, the IMF expects an inflation rate of 0.9 per cent.

The euro-area’s economy is projected to grow 1.5 per cent in 2015 and 1.6 per cent in 2016, the Washington-based organisation said. Inflation rate is expected to be around 0.1 per cent this year before picking up at 1 per cent next year.

Greece’s economy is expected to grow 2.5 per cent in 2015 before it accelerates to 3.7 per cent in 2016, after growing 0.8 per cent in 2014, the IMF said. The country’s current account is projected to generate a 1.4 per cent of GDP surplus this year, before it drops to 1.1 per cent in 2016.

The unemployment rate in Greece is expected to drop to 24.8 per cent in 2015 from 26.5 per cent last year, before dropping to 22.1 per cent next year, the IMF said.

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