Experts at the University of Cyprus predict a sharp increase in the GDP of Cyprus in 2021. According to Yorgos Sirihas, advisor of the Center for Economic Research of the university, the jump will happen when a significant part of the population will be vaccinated against COVID-19.

This year, the Cypriot economy as a whole is predicted to grow by up to 3.7%, although 2021 was an unfortunate start to the lockdown. Thus, according to data for January, losses were 3.9% of GDP compared to the same months last year.

As noted by the expert, the coronavirus pandemic has affected and continues to affect almost all sectors of the economy, but tourism, real estate and retail trade have suffered particularly markedly.