Cliff on the ocean in Cyprus

Cyprus Private consumption

Cyprus Private consumption

Private Consumption in Cyprus

The Cyprus economy recorded an average growth rate of 2.2% in private consumption over the decade to 2022. This is above the 1.0% average growth for the Euro Area. In 2022, private consumption growth was at 8.7%. For more private consumption information, visit our dedicated page.

Cyprus Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Cyprus from 2013 to 2022.
Source: CYSTAT.

Cyprus Private consumption Data

2018 2019 2020 2021 2022
Private Consumption (ann. var. %) 5.1 3.8 -6.9 5.2 8.7

GDP grows at softest pace since Q4 2020 in Q4

According to a preliminary reading, GDP growth lost momentum, easing to 2.1% year on year in the fourth quarter from 2.6% in the third quarter. Q4's reading was the weakest in three years. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth waned to 0.8% in Q4 from the previous quarter's 1.1%.

The flash estimate did not include a detailed breakdown, merely stating that the hospitality, transportation, trade and information sectors supported growth. Meanwhile, monthly data suggests that the external sector struggled in the quarter: Merchandise exports shrank over 30% yoy in Q4 (Q3: +26.9% yoy), while tourist arrivals growth lost steam. A full breakdown is set to be released on 1 March.

In 2024, the economy is forecast to expand at a similar pace to last year. Stronger export growth amid a robust tourism sector will underpin momentum. On the flip side, domestic demand is set to soften due to the lagged effects of monetary policy tightening. The pace of absorption of EU funds is a key factor to track, while additional spillovers from the wars in Ukraine and the Middle East pose downside risks.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot private consumption projections for the next ten years from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Cypriot private consumption.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Cypriot private consumption projections.

Want to get access to the full dataset of Cypriot private consumption forecasts? Send an email to info@focus-economics.com.

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