Central Bank lowers GDP growth forecasts

The Central Bank of Cyprus revised its projections for GDP growth, estimating it will be 2.4% this year and 2.7% in 2024, down from its June estimate of 2.6% and 2.8%. In its September macroeconomic forecast, the CBC said the downward revisions are attributed “to the impact of Western sanctions against the Russian Federation due to the continued war in Ukraine, on the professional services sector combined with the negative impact of the fragile external environment on non-tourism services.” Its 3.1% GDP projection for 2025 is unchanged,...