Cyprus economy predicted to grow strongly in coming 3 years

Markets Associated Press

Cyprus' finance minister says the island nation's economy is projected to grow by more than three percent in each of the next three years.

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Harris Georgiades told lawmakers Friday that growth for this year is expected to reach four percent. Georgiades said state coffers saw a 9.5 percent boost this year in light of the strong growth.

He said a key target for 2018 is to get unemployment below 10 percent. The jobless rate peaked at over 16 percent in the wake of a 2013 financial crisis that brought the country to near bankruptcy and forced it to seek a multi-billion euro rescue deal from its partners in the eurozone.