Cyprus economic growth in 2019 seen at double EU average

Cyprus’ finance minister says the island nation’s economy is on track to grow by 3.5 percent in 2019, double the European Union average.

Harris Georgiades said Wednesday that all economic sectors will register growth this year in a “more sustainable way.”

He said unemployment continues to shrink at a “very satisfactory rate,” now down to 7 percent from 16 percent in the wake of a 2013 financial crisis. He said the government aims to have full employment by 2020.

Georgiades said the public debt is projected to drop this year by around 7 percentage points to 95-96 percent and projects a further drop to below 90 percent in 2020.

He said the government will cap its spending in the 2020 budget and it will again run a budget surplus. [AP]