European Commission downgrades sharply projections growth

The European Commission downgraded sharply its projections on the economic growth for the island in 2019, on account of “weakness signs of tourism” and weaker exports, according to a Commission report released on Wednesday.

The European Commission said in its three-monthly summer projections prepared by the college of commissioners that it expected a growth of 2.9 percent for the Cypriot economy in 2019 and 2.6 percent in 2020.

The spring projections published in May said the Cypriot economy would grow by 3.1 percent this year and by 2.7 percent in 2020.