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 cbocThe Central Bank of Cyprus said that it revised its 2017 economic growth forecast to 3.1 per cent in 2017 from a 2.8 per cent growth rate in December.

The Cypriot economy, which grew 2.8 per cent in 2016, is expected to grow at a 3.2 per cent pace over 2018 and 2019.  

Fixed capital formation, already at historical lows, are expected to drop 15 per cent this year mainly on non-recurring investment in transport equipment such as vessels, offsetting the effect of various other private and public investment projects, the central bank said.

The Ministry of Finance forecast in April that the economy is expected to grow 2.9 per cent in 2017 and 2018 and 2.7 per cent in 2019.