The Ministry of Finance - on its reply to the Economist Intelligence Unit and its claims that Cyprus growth rate will reach 1.7% of GNP – holds to its estimates over the growth rate (that will reach 2.3% of GNP) and announces that “the Ministry’s estimates were hammered out taking into serious consideration not only the situation of world economy, but also the situation of Cyprus economy during the first six months of 2002”.

According to the Ministry, the decline of 0.2% in Cyprus growth rate - estimated by the Economist Intelligence Unit - is “equal to the decline foreseen by the Ministry of Finance at the end of September (from 2.5% to 2.3% of GNP) ”.

The Ministry of Finance also pointed out that that EIU adopts a conservative policy over growth rate and stresses that EIU’s evaluations for Cyprus' economy most of the times are not verified, holding up as an example the Unit’s false estimates for2001 (it was finally 4% of the GNP and not 3.3%).

Last Tuesday, the Economist Intelligence Unit –affiliated company of the Economist – revised its estimates over Cyprus growth rate from 1.9% to 1.7% ahead of the new estimates concerning the development of world economy.