Governor of the Central Bank of Cyprus Athanasios Orphanides presented Wednesday the Central Bank’s 2010 annual report, noting that structural measures are urgently needed for the Cypriot economy.Presenting the CBC’s annual report to journalists, Orphanides said that in 2010 the Cypriot economy reached a “critical state”, adding that after the recession in 2009, a recovery was recorded in 2010 with real GDP showing an increase of 1% compared to the decrease of 1.7% in 2009.

Nevertheless, he said, this recovery was not recorded in all sectors, noting that most sectors of the economy are still faced with problems.

“The GDP growth in 2010 was mainly due to the financial sector, in the center of which we have our banking system”, the Governor stressed, adding that the GDP growth rate of 3%-4% which was recorded before the financial crisis, is no longer feasible.

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