Turkish Cyprus economy sees small recovery

NICOSIA - Anatolia News Agency

Prices are getting better in Turkish Cyprus, says envoy Halil İbrahim Akça. AA photo

Turkish Cyprus is achieving moderate success in fighting price hikes, and the situation is getting better when compared with Turkey and Greek Cyprus, a recently released official report said.

Halil İbrahim Akça, Turkey’s envoy to Nicosia, said in a report on Turkish aid to the island in 2011, however, that the Europe-based economic crisis and the political problems in the eastern Mediterranean were negatively affecting Turkish Cyprus.

 “The fluctuations in the euro because of the economic problems in Europe and oil prices due to the political developments in the Middle East, the economic problems in Greek Cyprus and the economic growth in Turkey were the external elements that affected the Turkish Cypriot economy,” Akça said in the prologue of the study.

The study, which is gradually becoming an economic outlook report, comes in the second year of a three-year economic plan.