Standard & Poor's has raised Cyprus' credit grade by a notch to BBB-
S&P further anticipate that strong economic growth through 2021, prudent policymaking, and only moderate state support to the banking system will allow the government to run budgetary surpluses and prompt a reduction in public debt.
The rating agency projects that the Cypriot economy will grow by 4% in 2018 and by 3% on average between 2019 and 2021. Real GDP growth by 4% in 2018, will allow a return to the economy’s 2011 pre-crisis size, it is added.
S&P also say that unemployment rate has been on a declining trend, falling from 16% in 2014 to 11% in 2017, then further to 9.5% in the first five months of 2018.