Cliff on the ocean in Cyprus

Cyprus GDP Q2 2022

Cyprus: Economic growth slows in Q2 but remains healthy

According to a preliminary reading, GDP growth slowed to 5.8% year on year in the second quarter, from 6.2% in the first quarter.

On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth lost steam, decelerating to 0.6% in Q2, following the previous period’s 1.3% increase.

Looking at the details of the release, hotels and restaurants, transportation, retail trade and entertainment were key drivers of growth, as tourism recovered and the impact of Covid-19 faded.

Turning to Q3, the economy is expected to be sustained by a recovering tourism sector amid a milder pandemic situation and the removal of travel restrictions in June. That said, a significant drop in key Russian visitors due to EU sanctions will prevent tourism from fully rebounding. In addition, elevated inflation will likely hamper private consumption and investment.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest