The Ministry of Finance, in its attempt to reply to opposition's criticisms over growth rate estimates, has announced that revised estimates indicate that the growth rate of 2002 " stabilized to 2.3%".
According to an official announcement - motivated by several discussions concerning the issue of Cyprus growth rate on 2002 - "the Ministry of Finance believes that citizens must be well informed over the economy of Cyprus".
Ministry's revised estimates indicate that "the growth rate of 2002 will range from 2-2.5% and not 2.5-3%", while according to data evaluations for the second six-month period of 2002, "the growth rate seems to be stabilized to 2.3%".
According to the announcement, the small size of Cyprus and its 'open' characteristics of its economy make it susceptible to international developments, while these revised estimates were demanded after the disclosure of international organizations revised reports for the second six-month period of 2002.
The announcement also contains extracts from the speech of the Minister of Finance in Parliament over the State Budget of 2003: "the continual recession of world economy after the attack on September 11 in New York, the crisis on international stock exchanges, as well as the concerns over a possible American intervention in Iraq, have forced international organizations to reduce their estimates over EU growth rate for 2002 from 1.7% to 1.1%".
The aforementioned developments have affected Cyprus economy, as the decline in tourist arrivals - that reached 14.2% during the first eight months - was larger than expected. Also, the constant price increase in petrol on international basis has resulted to the overcharge of Cyprus economy.
However, "the slowdown Cyprus experiences was less than the other European countries, while the specific decline in growth rate is not expected to affect the budget deficit that will remain under 3% of GNP in the context of Maastricht Treaty".
According to an official announcement - motivated by several discussions concerning the issue of Cyprus growth rate on 2002 - "the Ministry of Finance believes that citizens must be well informed over the economy of Cyprus".
Ministry's revised estimates indicate that "the growth rate of 2002 will range from 2-2.5% and not 2.5-3%", while according to data evaluations for the second six-month period of 2002, "the growth rate seems to be stabilized to 2.3%".
According to the announcement, the small size of Cyprus and its 'open' characteristics of its economy make it susceptible to international developments, while these revised estimates were demanded after the disclosure of international organizations revised reports for the second six-month period of 2002.
The announcement also contains extracts from the speech of the Minister of Finance in Parliament over the State Budget of 2003: "the continual recession of world economy after the attack on September 11 in New York, the crisis on international stock exchanges, as well as the concerns over a possible American intervention in Iraq, have forced international organizations to reduce their estimates over EU growth rate for 2002 from 1.7% to 1.1%".
The aforementioned developments have affected Cyprus economy, as the decline in tourist arrivals - that reached 14.2% during the first eight months - was larger than expected. Also, the constant price increase in petrol on international basis has resulted to the overcharge of Cyprus economy.
However, "the slowdown Cyprus experiences was less than the other European countries, while the specific decline in growth rate is not expected to affect the budget deficit that will remain under 3% of GNP in the context of Maastricht Treaty".
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