Cyprus Economic Outlook
March 26, 2019A revised estimate shows that annual growth remained stable at 3.8% in Q4 2018, as solid private consumption and surging public spending offset a downturn in highly volatile fixed investment. Data for Q1 2019, meanwhile, suggests growth will moderate somewhat. Although the unemployment rate fell further in January and tourist numbers continued to grow solidly in January-February, both business and consumer confidence deteriorated on average in the first two months of 2019. In other news, a recent report from the European Commission warned that the banking sector’s balance sheets and stock of non-performing loans remain concerning, despite recent improvements, which leaves the sector vulnerable to economic or financial shocks.
Cyprus Economic GrowthAlthough set to moderate somewhat, the economy should remain in good shape this year, underpinned by solid domestic demand. Particularly, further job gains and rising wages will fuel consumer spending, while a rebound in fixed investment is expected on the back of robust construction activity. However, the hefty stock of bad banking debts and uncertainty surrounding Brexit pose the main downside risks. FocusEconomics analysts see growth at 3.2% in 2019, which is unchanged from last month’s forecast, and 2.6% in 2020.
Cyprus Economy Data
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|Exchange Rate||1.13||0.65 %||Apr 22|
|Stock Market||70.5||-0.44 %||Apr 18|
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Cyprus Economic News
April 25, 2019
According to Statistics Cyprus, annual working day-adjusted industrial production growth slowed from 7.5% in January to 5.5% in February.
April 17, 2019
Consumer prices jumped 0.8% from the previous month in March, following February’s flat reading.