Cyprus GDP Q3 2021


Cyprus: GDP growth softens in the third quarter

November 17, 2021

Economic growth softened in the third quarter amid a waning base effect, but remained robust, with GDP expanding 5.2% year-on-year. This followed the second quarter’s 13.1% jump.

Although a full breakdown is not yet available, the accompanying statement noted that growth was mainly due to the hotels and restaurants, manufacturing, transport, and wholesale and retail trade sectors.

Meanwhile, underlying momentum largely carried over into Q3, as the economy expanded 1.3% over the prior quarter, only slightly down from the second quarter’s 1.5% expansion.

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

FocusEconomics panelists project GDP to expand 4.2% in 2022, which is down 0.1 percentage points from last month’s forecast. For 2023, our panel sees economic growth at 3.8%.

Author: Massimo Bassetti, Senior Economist

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