Cyprus Economic Growth in 2019 Seen at Double EU Average

In this Friday, July 6, 2018 photo, a woman on the bridge takes a selfie with the Twins, Olympic residence building in the background, one of a number of new high-rises transforming the skyline view, in the southern coastal city of Limassol in the eastern Mediterranean island of Cyprus. (AP Photo/Petros Karadjias)

NICOSIA (AP) — Cyprus’ finance minister says the island nation’s economy is on track to grow by 3.5 percent in 2019, double the European Union average.

Harris Georgiades said Wednesday that all economic sectors will register growth this year in a “more sustainable way.”

He said unemployment continues to shrink at a “very satisfactory rate,” now down to 7% from 16% in the wake of a 2013 financial crisis. He said the government aims to have full employment by 2020.

Georgiades said the public debt is projected to drop this year by around 7 percentage points to 95-96% and projects a further drop to below 90% in 2020.

He said government will cap its spending in the 2020 budget and it will again run a budget surplus.