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Moving to Cyprus; An Update on the Cypriot Economy

Dec 10. 2021

According to the Autumn 2021 Economic Forecast published last month by the European Commission, the economic predictions for Cyprus overall look to be positive for the next few years. This makes for useful information for those that are looking to make the move to Cyprus, whether that’s to retire to Cyprus, invest in property or to move for work.

In comparison to many countries and areas of the world, the island has fared relatively well during the pandemic. Although the situation remains dynamic and uncertain times may remain ahead, it is currently forecasted that after the island bounced back in the first half of this year, the economy measured by Gross Domestic Product (GDP) is anticipated to grow by 5.4% overall for 2021 and then by 4.2% and 3.5% for 2022 and 2023 respectively.

As the year has progressed and the vaccine rolled out, tourism on the island has bounced back quite strongly. It still remains below the pre-pandemic levels but has re-surged promisingly. This remains a good sign as tourism is an important factor in the economic stability of the country. The Cypriot government also provided support schemes during the pandemic which, in particular, enabled the hospitality sector to bounce back. However, the ongoing pandemic and any potential re-introductions of restrictions etc could affect the stability of this sector.

Equally, the report indicates that the government’s ‘Recovery and Resilience Plan’ which has been rolled out during the countries response to the pandemic, has been able to protect investments in real estate. This has also been an integral part of protecting the economy of the island and generating the income for the construction of new developments. The report refers to ‘buoyant construction activity in housing and infrastructure projects in the tourism, energy and education sectors.” The Cypriot government’s spending on the island’s health system, (known as the General Health System) has also increased this year.

Notably, employment is expected to increase due to the economic re-bound and it is anticipated, in the report, that the rate of unemployment is set to decrease to 7.5% for 2021 and continue to decrease to 7.1% and & 6.6% for the next two subsequent years respectively.

If you are planning a to move to Cyprus and would like to speak to our teams about removals to Cyprus, they’d be happy to answer any questions you have about moving household effects and/ or vehicles. Burke Bros Moving Group have many years of experience of being specialised in the moving of families and individuals to and from Cyprus and benefit from expert knowledge of shipping to and from the island with the introduction of post-Brexit regulations. We can also arrange a free pre-move survey, either in-house or if you prefer via a virtual survey to generate an accurate quotation. Please call us on 01902 714555, via sales@burkebros.co.uk or request a call back via our ‘contact us’ page. Our designated ‘moving to Cyprus’ webpage also provides further information about our regular shipping services to Cyprus.

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