RIGA, Latvia, October 5, 2018 /PRNewswire/ --
Norman Logistics Sp.zo.o. has released a new forecasts of Cyprus economy, which has definitely recovered from the clinical death in 2013. This is evidenced by a number of significant indicators: preliminary GDP data revealed the economy maintained strong with annual growth only ticking down from 4% in first-quarter, which had marked one of the fastest rates in a decade, to 3,9% in second-quarter. The second-quarter expansion was largely underpinned by a vibrant hotels and restaurants industry, which benefited from a record number of tourist arrivals, primarily from the U.K. and Russia.
Banking system has shrunk from more than eight times that of GDP, which it had previously been in 2013, to "more like four times of GDP now". There has also been an increase in foreign direct investments over the past three years, and the economy is not reliant on foreign deposits anymore.
Investors are also looking at sectors like health, education, tourism, and shipping, and Cyprus is actually now poised to grow across a range of economies, not just tourism. Unemployment on the island is dropping faster than that of other countries in the Eurozone - from 15,9% in 2013 decreased to 11,1% in previous period, also - Cyprus has the largest fiscal surplus.
Currently investments were being made now in a variety of sectors, including banking, sea-ports, marinas, and the largest integrated casino resort in Europe, as well as energy. This is a clear signal to other investors, and for the Cypriot government it remains to focus on maintaining and broadening the conditions under which surpluses and high growth rates can be generated, to continue promoting structural reforms and improving the country's business environment, Rolands Petersons, member of the board of Norman Logistics Sp.zo.o. offers his thoughts on Cyprus economy.
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 in the world. The core business is a cargo brokerage, mainly marine cargo. Norman Logistics customers is significant EU companies which his production transport throughout marine cargo. And 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.
Author: Rolands Petersons, member of the board of Norman Logistics Sp.zo.o.
SOURCE Norman Logistics Sp.zo.o.