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

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

PR Newswire

RIGA, Latvia, April 4, 2019

RIGA, Latvia, April 4, 2019 /PRNewswire/ -- Rolands Pētersons, a Member of the Board of Norman Logistics Sp.zo.o recently analysed the Cypriot economy. "Cyprus experienced an extensive economic crisis in 2012-2013. A gradual economic recovery is now taking place due to responsible and consistent reforms. This is evidenced by the decline in unemployment and inflation observed in recent years, as well as the annual growth of GDP", Rolands Petersons (Latvia), Member of the Board of Norman Logistics Sp.zo.o., says.

Since 2000, Cyprus demonstrated a steady economic growth. Cyprus' real GDP growth averaged 2.75% between 2000 and 2010, the country had a high employment rate and real disposable income with low inflation. It was mismanagement of public finances that became as a stumbling point[1]. "After joining the European Union and the Eurozone, Cyprus underwent an extensive economic crisis, and the country relied on foreign direct investment, which became another stumbling point to resolve the situation," Rolands Petersons (Latvia), Member of the Board of Norman Logistics Sp.zo.o., commented.

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

 

 

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