Cliff on the ocean in Cyprus

Cyprus GDP Q1 2020

Cyprus: Economy loses notable steam in the first quarter

GDP growth eased to 0.9% year-on-year in the first quarter from 3.4% in the fourth quarter on partial Covid-19 effects. Q1’s print marked the worst reading since Q1 2015.

Household spending growth eased to 1.8% in Q1, marking the weakest expansion since Q2 2015 (Q4 2019: +2.2% yoy). Public spending accelerated, increasing 16.8% in Q1 (Q4 2019: +3.4% yoy). Meanwhile, fixed investment soared 31.4% in Q1, rebounding strongly from the 33.0% contraction logged in the previous quarter.

Exports of goods and services contracted 9.5% in Q1, marking the worst result in three years (Q4 2019: +4.8% yoy). On the other hand, imports of goods and services climbed 0.3% in Q1 (Q4 2019: -7.8% yoy).

On a seasonally- and working-day-adjusted quarter-on-quarter basis, the economy contracted 1.3% in Q1, contrasting Q4 2019’s 1.0% expansion. Q1’s downturn marked the worst reading since Q2 2013.

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