Rolands Pētersons, Norman Logistics Sp.zo.o., Reveals Cyprus Economy Continues to Grow - GDP is Rising, Unemployment and Public Debt are Declining

The bailout program focused on the banking sector, including austerity - a sharp cut in public spending and increased taxes. "The public attitude was very positive - although the dissatisfaction with the new policy was observed at the beginning of the bailout program, there were wide protests and demonstrations," Rolands Petersons indicates. The bailout program focused on the banking sector, including austerity - a sharp cut in public spending and increased taxes. "The public attitude was very...

The bailout program focused on the banking sector, including austerity - a sharp cut in public spending and increased taxes. "The public attitude was very positive - although the dissatisfaction with the new policy was observed at the beginning of the bailout program, there were wide protests and demonstrations," Rolands Petersons indicates.

The positive impact of reforms on the national economy is evidenced by Eurostat data[2] – GDP was gradually rising and employment increased in the country. Cyprus also recorded the fifth largest reduction in the unemployment rate in the history of the European Union, from 13.1% in 2016 to 11% in the third quarter of 2017. In 2017, public debt also fell sharply[3].

Economists forecast that economic growth will continue in 2019 as well - inflation will decline and the public debt will proceed to shrink.

About Norman Logistics Sp.zo.o.

Norman Logistics Sp.zo.o. is an international logistics company based in Poland since 2016. This company operates in Europe and also in many other major logistics centres throughout the world. The core business is a cargo brokerage, mainly marine cargo. Norman Logistics customers are significant EU companies which transporting their products by sea. While service providers are medium or large shipping companies. The mission of Norman Logistics is convenient logistics and one-point service for the same price, individual and best quality approach.

https://www.normanlogistics.pl/

References:

[1] https://cyprus-mail.com/2018/02/03/epp-think-tank-report-explains-success-story-cyprus-economic-recovery/

[2] https://ec.europa.eu/eurostat

[3] https://www.prnewswire.co.uk/news-releases/norman-logistics-spzoo-predicts-cyprus-is-going-to-contribute-to-its-economic-development-by-amending-693024111.html