Cyprus Economic Outlook
June 26, 2018Comprehensive GDP data revealed the economy continued its solid recovery in Q1, growing 4.0% year-on-year on the heels of the 3.9% expansion—a nine-year high—recorded in 2017. Robust private consumption, which was buoyed by a strengthening labor market and subdued inflation, and a surge in exports, driven largely by an exceptional jump in goods exports in March, more than offset the sizeable contraction in capital spending. Meanwhile, the unemployment rate dipped to a near-seven year low in April and households turned more optimistic in April–May, boding well for further gains in consumer spending in Q2.
Cyprus Economic GrowthAlthough economic growth is seen moderating this year, it should remain robust overall. The ongoing recovery in household consumption, supported by continued gains in employment, and a buoyant tourism sector, which has benefited from political tensions affecting rival tourist destinations, should propel activity ahead. A banking sector with large holdings of non-performing loans continues to cloud the outlook, however. FocusEconomics panelists project growth of 3.5% in 2018, which is unchanged from last month’s estimate, and 2.8% in 2019.
Cyprus Economy Data
5 years of Cyprus economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.17||0.65 %||Jul 17|
|Stock Market||73.6||-0.44 %||Jul 17|
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