Report by Norman Logistics Show That Cyprus Economy is Recovering: Thanks to Investments in Communications, Transport and Port Infrastructure

RIGA, Latvia, December 18, 2018 /PRNewswire/ --

Cyprus has started to recover from the economic downturn that began in 2009, reaching its lowest point in 2014, when the gross domestic product per capita was 20,500 euros compared with the pre-crisis situation in 2008, when the figure was 24,700 euros. Since 2015, there has been gradual increase in GDP figures but in 2017 the gross domestic product per capita was already EUR 22,700.

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"The future growth of Cyprus will be highly interconnected and dependent on international maritime and air freight transport," Rolands Petersons, member of the board of Norman Logistics Sp.zo.o believes, "Taking in the interest of major shipping companies in Cyprus as the leading international transport hub in Mediterranean Region." According to the reports of International Economic Forum, in 2017/2018 Cyprus port infrastructure quality rose from 61^st place in year 2016-2017 to 46^th, but airline service infrastructure - from 44^th to 27^th place. By and large logistics in the EU is dominated by road freight, followed by sea freight, railroads and inland waterways, and finally air freight.

For several years now, Cyprus has been able to significantly reduce the number of people living at risk of poverty or social exclusion from incomplete 29% in 2015 to 25,2% in 2017. Efforts to raise prosperity level is essential for country to avoid ranking as the TOP 10 European country with the highest poverty risk. Nevertheless, the average life expectancy in Cyprus is 3^rd highest in the European Union - 82,7 years.

According to Eurostat, on the average EU countries spend 2% of their GDP on R&D, whilst Austria, Sweden and Denmark are EU countries with the highest expenditure - 3% of Gross Domestic Product.

Cyprus investment in science, research and innovations in 2016 was 0,53% of GDP, which is the highest possible in country's history since 2000. Although it is the 3^rd lowest among European Union countries, data shows Cyprus is trying to increase contribution to R&D every year by 0,02 - 0,04%.

At the same time, Cyprus is actively promoting international cooperation on issues such as the fight against pollution of the marine waters - it is the leader among the EU countries with the cleanest waters, the quality of the water is just as good in Malta and Slovenia.

About Norman Logistics Sp.zo.o.: 

Norman Logistics is among the fastest growing forwarding agents in Global Market with substantial presence in maritime logistics and combined transport services. They provide complete "one-stop shop" international transport services for import and export requirements by Sea or Combined Freight Worldwide.