Current Account in Cyprus
Cyprus - Current AccountA flash estimate revealed that GDP grew 0.7% quarter-on-quarter in Q1, an identical pace to Q4 2021. While a detailed breakdown is not yet available, the services sector likely supported activity thanks to lower unemployment and reduced Covid-19 restrictions. Moreover, industrial output gained steam in January–February in annual terms. Turning to Q2, momentum is likely easing as food and energy price hikes due to the Ukraine War take their toll. Business and consumer confidence plummeted in April, boding poorly for consumption and private investment in the second quarter. While the recent lifting of all remaining travel restrictions will benefit the tourism sector, the reliance on Russian tourists will prevent the sector’s full recovery. Finally, in May the EU Commission recommended focusing on reducing non-performing loans and mitigating climate change risks.
Cyprus - Current Account Data
|Current Account (% of GDP)||-0.5||-4.2||-5.1||-4.4||-6.7|
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
|Exchange Rate||1.12||0.65 %||Dec 31|
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September 16, 2022
Harmonized inflation came in at 9.6% in August, down from July’s 10.6%.
September 1, 2022
GDP growth lost momentum, falling to 5.8% year on year in the second quarter, from 6.2% in the first quarter.
August 30, 2022
Industrial production expanded 2.0% year on year in June (May: +5.6% yoy).
August 18, 2022
Consumer prices rose by 1.24% in July, picking up from the 0.78% increase recorded in June.
August 17, 2022
According to a preliminary reading, GDP growth slowed to 5.8% year on year in the second quarter, from 6.2% in the first quarter. On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth lost steam, decelerating to 0.6% in Q2, following the previous period's 1.3% increase. Looking at the details of the release, hotels and restaurants, transportation, retail trade and entertainment were key drivers of growth, as tourism recovered and the impact of Covid-19 faded. Turning to Q3, the economy is expected to be sustained by a recovering tourism sector amid a milder pandemic situation and the removal of travel restrictions in June.