CYPRUS: PDMO sees return to growth in 2015, amid improving business environment

The Finance Ministry’s Public Debt Management Office (PDMO) forecasts a return to growth as from 2015, according to its monthly newsletter for October, taking into account the improved business operating environment.

The newsletter said that in the second quarter of 2015, the rate of growth (in seasonally adjusted terms) accelerated to 0.8% compared with a rate of growth of 0.1% in the first quarter on an annual basis.
“Having regard that, the business operating environment exhibits signs of growth amid improving conditions given a marginal positive lending to non-financial corporations in conjunction with falling interest rates, we assume a return to growth as from 2015”, says the newsletter.
As regards to fiscal developments the general government budget balance (GGBB) was in surplus during the period January-August 2015.