NICOSIA, Aug. 19 (Xinhua) -- Bailed-out Cyprus revised its economic growth projection for 2017 upwards to 3.5 percent on Saturday.
Finance Minister Haris Georgiades said, after he presented his six-monthly economic report to the Council of Minister, that his original estimate for a GDP growth of 2.9 percent has proved to be a conservative one.
Georgiades also said that public finances are within budgetary targets.
"The targets set by the budget but also by the European Commission are being met and this allows for more development projects without deviating from the target of a balanced budget," Georgiades added.
When the current center-right wing government assumed office in March, 2013, the economy and the banking system were in tatters after five consecutive quarters of recession and the public coffers had barely enough money to pay the monthly salaries of public servants and public pensions.
The eastern Mediterranean island was bailed-out under a three-year 10-billion-euro economic assistance program by the Eurogroup and the International Monetary Fund, which provided for tough austerity and economic reforms.
"The real economy is moving fast forward and this is reflected in an increase of the public revenues. We're on the right track but there is still distance to cover," Georgiades said.
A government spokesman said the minister started discussing further reforms aimed at consolidating the economy.
He said the reforms cover the remaining five months of the government and extent into the term of the next government which will come out of a presidential election in February.
