Cyprus Economic Outlook
November 21, 2017The economy grew healthily in seasonally- and working-day adjusted terms in Q3 (+0.9% quarter-on-quarter and +3.9% year-on-year), buttressed by a booming tourism sector. The ongoing boom resulted in lower unemployment in September, extending a downward trend started in November of last year. Tourist arrivals broke another record in October as the sector showed no signs of slowing down. Moreover, economic sentiment showcased a broad-based improvement in the same month on the back of optimistic views on past sales and sales expectations. Fitch Ratings noted the positive momentum in late October when it upgraded the country’s default rating from BB- to BB due to improving government finances. It noted, however, that the banking sector remains fragile and poses a key risk to Cyprus’ credit profile.
Cyprus Economic GrowthGDP growth is expected to remain robust next year, although it is seen moderating slightly. The FocusEconomics Consensus Forecast panel projects growth of 2.9% in 2018, which is up 0.3 percentage points from last month’s estimate. For 2019, growth is seen at 2.5%.
Cyprus Economy Data
5 years of Cyprus economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.18||0.65 %||Dec 06|
|Stock Market||71.4||-0.44 %||Dec 06|
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