Cyprus Ministry of Finance published a report which sets out the macroeconomic prospects for economic development. Country's economic problems remain, despite the positive assessment of the Troika.
The report gave a forecast that the economy will recover in the island 2015-2016 years.
According to the report, the country's GDP contracted by 5,5%, although the memorandum envisaged a reduction of 8,7%.
The document notes that revenue from tourism in reality were higher than anticipated. Also remained stable operations of foreign companies in Cyprus.
However, in Cyprus continues to increase unemployment, although this should stabilize this year. On the issue of salaries, the report said about their significant reduction.
Bank recapitalization is evaluated positively, as there was a decrease of outflow of deposit funds, and to the payment of non-performing loans is solved.
The conclusions of the report stated that Cyprus for that would cope with the challenges necessary to satisfy the conditions of the memorandum, as well as to stimulate investment and employment sectors.