Expects inflation and unemployment to increase in 2002
The Central Bank issued its annual report for 2001. According to the Press and Information Office, the report states that public deficit increased in the year under review, while inflation and unemployment dropped and basic interest rates were reduced from 7% to 5.5%.
For the current year, it said economic growth is expected to increase, unemployment and inflation are set to rise but public deficit will probably stay within the Maastrcht criteria.
The Bank said it will continue to implement at an accelerated rate measures to align its practices with those of the European Union, as Cyprus looks forward to the conclusion of its accession negotiations at the end of the year.
Public deficit increased to 2.8 per cent of the gross domestic product, inflation dropped to 2 per cent compared with 4,1 the year before, unemployment dropped to 3 per cent of the economically active population compared with 3,4 per cent in 2000.
The Central Bank issued its annual report for 2001. According to the Press and Information Office, the report states that public deficit increased in the year under review, while inflation and unemployment dropped and basic interest rates were reduced from 7% to 5.5%.
For the current year, it said economic growth is expected to increase, unemployment and inflation are set to rise but public deficit will probably stay within the Maastrcht criteria.
The Bank said it will continue to implement at an accelerated rate measures to align its practices with those of the European Union, as Cyprus looks forward to the conclusion of its accession negotiations at the end of the year.
Public deficit increased to 2.8 per cent of the gross domestic product, inflation dropped to 2 per cent compared with 4,1 the year before, unemployment dropped to 3 per cent of the economically active population compared with 3,4 per cent in 2000.
3287.99
1275.09
