2023-Cyprus-Country-Report
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CYPRUSCOUNTRY REPORT <strong>2023</strong><br />
ECONOMY<br />
Diversifying for Growth<br />
The economy of <strong>Cyprus</strong> is renowned for its agility<br />
and diversity in the face of the multiple challenges<br />
it has tackled in the past few decades, underscoring<br />
the strength of the small island nation. Both within<br />
traditional sectors and across new ones it is diversifying<br />
markets and attracting new investment, building<br />
a solid base for growth long into the future.<br />
Following a decade of frequent economic shocks, <strong>Cyprus</strong> has shown consistent<br />
ability to rebound. The economy recovered swiftly after the banking crisis in 2013,<br />
returning to investment grade rating in 2018 and recording annual average real GDP<br />
growth of 4.6% in 2018-22. The economy also rebounded quickly after the global<br />
pandemic in 2020. Figures revised in late <strong>2023</strong> tell a remarkable story with real GDP<br />
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