Current Account in Cyprus

Cyprus Current Account (EUR bn) | Economic News & Forecasts

Cyprus - Current Account (billions of Euros)

A flash estimate revealed that GDP grew 0.7% quarter-on-quarter in Q1, an identical pace to Q4 2021. While a detailed breakdown is not yet available, the services sector likely supported activity thanks to lower unemployment and reduced Covid-19 restrictions. Moreover, industrial output gained steam in January–February in annual terms. Turning to Q2, momentum is likely easing as food and energy price hikes due to the Ukraine War take their toll. Business and consumer confidence plummeted in April, boding poorly for consumption and private investment in the second quarter. While the recent lifting of all remaining travel restrictions will benefit the tourism sector, the reliance on Russian tourists will prevent the sector’s full recovery. Finally, in May the EU Commission recommended focusing on reducing non-performing loans and mitigating climate change risks.

Cyprus - Current Account (EUR bn) Data

2015   2016   2017   2018   2019  
Current Account Balance (EUR bn)-0.1  -0.8  -1.0  -0.9  -1.5  

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Cyprus Current Account (EUR bn) Chart


Cyprus Current Account
Note: Current account balance as % of GDP.
Source: Cyprus Central Bank and FocusEconomics calculations.

Cyprus Facts

Value Change Date
Exchange Rate1.120.65 %Dec 31

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