Cyprus Economic Outlook
January 30, 2018Economic growth likely moderated in Q4 from the near one-decade high logged in Q3. The tourism sector nevertheless continued its strong performance in Q4; for 2017 as a whole, it registered a double-digit growth rate. Data also showed that unemployment continued to decrease throughout Q4. However, the economic sentiment index worsened in December; both business and consumer confidence dropped. On 28 January, President Nicos Anastasiades won the first round of the presidential elections but failed to secure an outright majority; he will face Stavros Malas in a run-off on 4 February. Anastasiades has taken credit for the economic recovery, even though a high number of non-performing loans remain in the banking sector. He has also pledged to restart reunification talks after they failed in July 2017.
Cyprus Economic GrowthRobust global demand and ongoing improvements in the labor market are expected to buttress growth this year. FocusEconomics Consensus Forecast analysts project growth of 2.9%, which is down 0.1 percentage points from last month’s estimate. For 2019, GDP is expected to expand 2.6%.
Cyprus Economy Data
5 years of Cyprus economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.23||0.65 %||Feb 22|
|Stock Market||69.3||-0.44 %||Feb 22|
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