Cyprus finance minister: economy to grow 2.2 percent in 2016

NICOSIA, Cyprus (AP) - Cyprus' finance minister says the island nation's economy is expected to grow by 2.2 percent in 2016 after wrapping up a three-year, multibillion euro rescue program this year.

Harris Georgiades says early indicators could prove this projection "possibly conservative" as growth gathers pace. He said the economy grew 2.7 percent in the first quarter of this year.

Georgiades said economic growth is forecast to reach a steady 2.5 percent from 2017 onwards. Cyprus received a 10 billion euro ($11.35 billion) lifeline from its eurozone partners in March 2013 after nearly going bankrupt.

The government earned kudos after turning the economy around quickly enough, which allowed it to not tap some 2.5 billion euros ($2.84 billion) from the package.