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Gloomy Cyprus property figures and economic outlook

THE number of building permits issued for the construction of property in Cyprus continues to decline, reinforcing the IMFs gloomy economic outlook for the island. According to the Cyprus Statistical Service, CYSTAT, the number of permits authorised during January 2008 stood at 687 compared to 738 in January 2007. These building permits provide for the […]

THE number of building permits issued for the construction of property in Cyprus continues to decline, reinforcing the IMFs gloomy economic outlook for the island.

According to the Cyprus Statistical Service, CYSTAT, the number of permits authorised during January 2008 stood at 687 compared to 738 in January 2007. These building permits provide for the construction of 1,229 dwelling units compared to 1,547 in the same period last year.

Meanwhile, the International Monetary Fund expects that the Cypriot economy will register its worst performance for the past five years. It predicts that Cyprus’ GDP growth will drop by one percentage point in 2008, while domestic inflation will climb higher, putting significant pressures on consumption and services.

The IMF forecasts on the domestic economy are included in its latest report for the course of the world economy. (Click here to view/download the IMF world economic outlook report – 6 Mb pdf file).

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