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Standard and Poor’s revises outlook of Cyprus’s economy

Standard & Poor`s rating agency affirmed on the 15th of September the rating of Cyprus economy at BB + / B and revised the outlook on its long-term sovereign credit rating to positive from stable.

S&P’s statement added that the positive outlook reflects that the agency could raise the ratings on Cyprus over the next 12 months if budgetary consolidation continues unabated, and the economy continues to recover toward pre-crisis output levels.

The Agency projects that GDP growth will average 3% between 2017 and 2020, as investments and employment recover, and services exports continue to perform well.

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