The marginal recovery of the Cypriot economy seems to be accelerating

Finance Minister: Marginal economic recovery seems to be accelerating

Nicosia, Jun 30 (CNA) — The marginal recovery of the Cypriot economy seems to be accelerating, Cypriot Finance Minister Charilaos Stavrakis said Wednesday.

''The marginal recovery of the Cypriot economy we pointed out in the last few weeks seems to be accelerating,'' Stavrakis said in statements after a conference on the competitiveness of the Cypriot economy.

He added that one of the sectors showing ''particularly positive figures is that of Foreign Investment,'' adding the registration of foreign companies in the first quarter of 2010 has risen by 25% compared to 2009.

''During the last weeks we saw a highly increased wave of Russian deposits which increases the liquidity of the Cypriot economy,'' he added.

Stavrakis stressed that ''without ignoring big problems which remain as challenges for the Cypriot economy, I think things show a marginal positive recovery. It is our duty as government to do everything possible to accelerate this recovery.''

Cyprus emerged from recession in the first quarter of 2010 after recording marginal economic growth of 0.1% GDP.

Speaking at the conference, Stavrakis called on both the public and private sectors to assist the efforts to increase Cyprus' share in the world services market by 0.5%, to 2.0%

''Cyprus has become a highly successful international business centre. However our share in the world services market is just 1.5%,'' Stavrakis said, pointing out that a 0.5% increase would yield ''hundreds of million of euros'' for the Cypriot economy”.

He pointed out however that ''it is impossible for a country to attract additional foreign investments or foreign deposits without showing a high index of economic and fiscal robustness.''