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Economy review 2016: Goodbye to all that

The year 2016 was one in which Cyprus exited the bailout programme after three long years, enjoyed a second consecutive year of real GDP growth and a continued fall in unemployment. The bailout exit led two major agencies to upgrade the country’s credit rating. However, parliament prevented the passage of public-sector wage reforms, keeping the credit rating below investment grade.

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Energy review 2016: Still no gas sales

In terms of energy and hydrocarbons, it has been a challenging year for Cyprus and Israel. There was a lot of hope at the start of the year, but there is not much to show at the end of it in terms of progress and exports. Egypt’s gas developments fared better, but its economy has been going through challenging times. Looking back at the preview article published in the Cyprus Weekly on January 8, 2016, it is remarkable how many of the forecasts came out true.

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