DBRS Commentary: Cyprus: A second year of economic recovery

DBRS Ratings Limited has today released a commentary entitled “Cyprus: A second year of economic recovery”. The main points in the commentary are:

• Cyprus posted growth for a second consecutive year in 2016, in part driven by the strong performance of the tourism sector. Growth is expected to remain steady in 2017, supported by domestic and external demand.

• Continued growth places Cyprus in a better position to reduce its credit challenges, including high levels of non-performing loans and private and public sector debt.

• The authorities’ proactive measures to speed the resolution of non-performing loans are also helping banks to clean up their balance sheets.

Notes:
All figures are in Euros unless otherwise noted.

The applicable methodology is Rating Sovereign Governments, which can be found on our website under Methodologies.

A copy of this commentary is available by clicking on the link below or by contacting us at info@dbrs.com.