The European Commission has predicted in its spring forecast, that Cypriot economic alterations are headed in the right direction, and that the nation will surpass the recession by next year.
As reported by the EC, the island's GDP held -5.4% last year, -8.7% in November and -6% in February. In 2014, the Commission has forecasted that GDP will be reduced to -4.8%, and next year will hit 0.9%.
Cyprus' public deficit has been approximated at -5.4% for last year, -8.3% for last November, and this past February was at -5.5%. This year, it is envisioned to reach -5.8% and -6.1% next year.
Last year's public debt is estimated at 111.7%, and this year's is approximated at 122.2%. 2015 is believed to be at 126.4%. Unemployment rates were held at 15.9% for last year, and at 19.2% for this year. 2015 is thought to be 18.4% of the working population. Inflation rates for last year and this year has remained at 0.4%, while next year is forecasted to climb to 1.4%.
The EC's spring report leads to ongoing EU economic recovery, that follows its recession exit last year. As reported by the organization, it believes that agreed policy protocols will be carried out by the EU and its member nations.
European Commission Vice President Siim Kallas stated, "...the recovery has now taken hold. Deficits have declined, investment is rebounding and, importantly, the employment situation has started improving. Continued reform efforts by member states and the EU itself are paying off".