Current Account in Cyprus

Cyprus Current Account | Economic News & Forecasts

Cyprus - Current Account

A preliminary estimate revealed that the economy shifted into a lower gear in the second quarter, with growth softening to a near four-year low. That said, it remained solid and well above the Eurozone average, propelled by the construction, information and technology, and professional and technical activities sectors. On the expenditure side, healthy wage increases as of late and sustained job market tightening—which saw the unemployment rate dip to an over eight-year low in Q2—likely buoyed household spending, as reflected by strong retail sales data for April–May. On the downside, declining tourist arrivals in May and June, coupled with a wider trade deficit in Q2 from a year ago, indicates that the external sector likely dragged noticeably on growth.

Cyprus - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)-4.9  -4.3  -1.5  -5.1  -8.4  

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Cyprus Current Account Chart

Cyprus Current Account
Note: Current account balance as % of GDP.
Source: Cyprus Central Bank and FocusEconomics calculations.

Cyprus Facts

Exchange Rate1.100.65 %Sep 04
Stock Market69.9-0.44 %Sep 04

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