September 28, 2018 / 2:18 PM / 8 months ago

Cypriot growth strong but likely to slow: ECB

FRANKFURT, Sept 28 (Reuters) - The Cypriot economy is continuing its strong cyclical upswing but growth may slow and legacy assets weighing on the banking sector still pose a risk, the European Central Bank said on Friday after a regular surveillance exercise.

“Risks to the outlook stem predominantly from the reduced, but still very high, non-performing loans, high private and public debt, and higher levels of uncertainty in the external environment,” the ECB said in a statement.

The ECB added that Cyprus should resist the temptation of relaxing fiscal discipline, particularly in view of contingent financial sector liabilities, potential healthcare reform cost overruns and the cyclical nature of tax revenues. (Reporting by Balazs Koranyi Editing by Gareth Jones)

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