Cyprus GDP Q4 2021

Cyprus

Cyprus: Economic growth gains steam in Q4

March 4, 2022

A second reading of national accounts data revealed that GDP growth accelerated in the fourth quarter, rising to 6.4% year-on-year from 5.3% in the third quarter.

Private consumption increased 6.4% in the fourth quarter, which was above the third quarter's 3.1% expansion. Public spending growth eased to 0.6% (Q3: +4.7% yoy). Meanwhile, fixed investment contracted 42.6% in Q4 (Q3: -11.3% yoy).

Growth in exports of goods and services decelerated to 15.3% year-on-year in Q4 (Q3: +35.3% yoy). Similarly, growth in imports of goods and services waned to 8.8% in Q4 (Q3: +19.2% yoy).

On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth eased to 0.7% in Q4 from 1.7% in the third quarter.

FocusEconomics panelists see activity rebounding and growing 4.1% in 2022, which is unchanged from last month’s forecast. In 2023, GDP growth is seen at 3.6%.


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Cyprus GDPH Q4  2021 0

Note: Year-on year changes of GDP in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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