Cyprus economic growth continues

The Cyprus economy continues to grow and is one of the leading countries in Europe doing so. Third quarter information was released showing a solid growth which is said to continue through 2008.

Pricewaterhouse Cooper's released key information on the economy of Cyprus. Long a strong house for European visitors and property buyers, Cyprus remains unhurt by the current property market failings happening around the world.

According to latest data released, the Cyprus economy grew in the third quarter of 2007. The pace was quick, which allows many to believe that it will continue through 2008. Estimated expansion of the economy in Cyprus is expected to be about 4 per cent as a whole for the year. Estimated growth for 2007 was also set at 4 per cent.

European property otherwise has not favoured well. According to Pricewaterhouse Cooper's, all of Europe was expected to grow by just 206 per cent through 2007 and then growth would drop to just about 2 per cent for 2008.

Growth in Cyprus is attributed to a strong GDP as well as a highly desirable tourism market. Low interest rates are helpful as well. The property market is a favourite among investors, especially in the tourism sector.

Additionally, the introduction of the Euro in Cyprus is expected to offer even more benefits. It will make travel through the country, including tourism easier to do, which is expected to attract more visitors in the coming years.