Cyprus growth rate expected to be over 2% during 1Q 2009

Cyprus economy is expected to record a growth rate over 2% during the first three months of 2009, Cyprus Finance Minister Charilaos Stavrakis said here Thursday.

“The economy is moving according to our predictions,” he said, adding that there has been a high growth rate of the economy in January and the first days of February, despite the fact that the tension of a slowdown has started to be felt.

The Minister said that as time passes by the economic crisis affects Cyprus with a little delay, adding that the symptoms of a slowdown will be shown in six to nine months.

The Minister was speaking at a press conference, during which the Ministry of Finance presented the new governmental housing scheme of total value 200 million euro, aiming to help families with low incomes solve their housing problem. The scheme is part of the new additional measures announced earlier this month by Cyprus President Demetris Christofias to accelerate the growth rate of the local economy and to maintain unemployment at low rates. The measures will cost approximately 300 million euro.