Cyprus GDP Q1 2021

Cyprus

Cyprus: GDP drops again in Q1

May 18, 2021

The economy shrank a softer 1.6% in annual terms in the first quarter of 2021, following Q4 2020’s contraction of 4.5%. Looking at the details, Q1’s decline largely reflected contractions in the hospitality and manufacturing industries, as well as the transport, storage and communication and retail trade sectors.

Meanwhile, in seasonally-adjusted quarter-on-quarter terms, the economy grew at a stronger pace of 2.0% in Q1, following Q4 2020’s 1.1% increase.

More detailed national accounts data will be released on 31 May.

FocusEconomics panelists project GDP to expand 4.1% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022 our panel sees economic growth at 4.2%.


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Cyprus GDP Chart


Cyprus GDPH Q1  2021

Note: Year-on year changes of GDP in %
Source: Statistical Service of Cyprus (CYSTAT) and FocusEconomics Consensus Forecast.


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