2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ECONOMY<br />
Growth Fuelled<br />
by Resilience<br />
The economy of <strong>Cyprus</strong> has consistently surprised<br />
by its ability to bounce back from times of adversity,<br />
underscoring the strength of the small island<br />
nation. Despite several shocks in the last decade<br />
the country has managed to stay on track, diversify<br />
and attract new investment, earning its reputation<br />
as one of the most resilient EU economies.<br />
For its small size, <strong>Cyprus</strong> punches above its weight and has become synonomous<br />
with the word resilience. Following a decade of significant economic shocks, the<br />
country has shown consistent ability to rebound. The economy recovered swiftly after<br />
the banking crisis in 2013, returning to investment grade rating in 2018 and recording<br />
annual average real GDP growth of 5.4% in 2016-19. The economy also rebounded<br />
22
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