Current Account in Cyprus
Cyprus - Current Account
Upbeat momentum seems to have largely carried over into Q1 2022, after GDP expanded at a quicker annual pace in Q4 2021. Industrial production gained steam in January–February compared to the fourth quarter, while the unemployment rate hit a two-year low in February, boding well for household spending. That said, the economic panorama darkened in the second half of the quarter due to the fallout from the war in Ukraine. After improving in January–February, both business and consumer confidence dove in March, hinting at softening private sector conditions. The economic situation worsened further in April, as surging energy and food prices likely capped household spending growth, while the reliance of certain industries—predominantly the tourism and professional services sectors—on Russian clients will hamper economic activity amid constraining international sanctions against Moscow.Cyprus - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -0.5 | -4.2 | -5.1 | -4.4 | -6.7 |
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
Cyprus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Cyprus: Industrial output growth drops to 10-month low in February
April 28, 2022
Industrial output expanded 3.4% year-on-year in February (January: +4.7% yoy).
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Cyprus: Inflation comes in at highest level since August 1992 in March
April 7, 2022
Consumer prices increased 1.83% in March over the previous month, picking up from February's 1.21% rise.
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Cyprus: Economic growth gains steam in Q4
March 4, 2022
A second reading of national accounts data revealed that GDP growth accelerated in the fourth quarter, rising to 6.4% year-on-year from 5.3% in the third quarter. Private consumption increased 6.4% in the fourth quarter, which was above the third quarter's 3.1% expansion.
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Cyprus: Industrial output growth picks gains momentum in December
February 25, 2022
Industrial output grew 4.7% year-on-year in December, slightly up from the 4.4% clocked in November.
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Cyprus: Inflation continues to rise in February
February 23, 2022
Consumer prices rose 1.21% from the previous month in February, which contrasted the 0.50% drop seen in January.
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