Unemployment in Cyprus
Cyprus - UnemploymentA 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 - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Unemployment Chart
Source: National Statistical Service.
|Exchange Rate||1.12||0.65 %||Dec 31|
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June 17, 2022
Consumer prices rose 0.92% from the previous month in May, which was below April's 2.39% rise.
June 1, 2022
Activity softened in the first quarter, with GDP expanding 5.9% year-on-year (Q4 2021: +6.4 yoy), chiefly driven by a dwindling base effect.
May 30, 2022
Industrial output rose 6.9% compared to the same month of the previous year in March, which was above February's 3.7% increase.
May 18, 2022
Consumer prices increased 2.39% in April over the previous month, accelerating from the 1.83% rise seen in March.
May 17, 2022
According to a preliminary estimate, GDP growth slowed to 5.8% year-on-year in the first quarter, from 6.4% in the fourth quarter of last year, mainly due to a dwindling base effect.