Current Account in Cyprus
Cyprus - Current Account
Economic activity likely cooled in Q1, following a robust performance in Q4 which was spurred by sturdy private consumption and surging public spending. Although unemployment continued to decline and retail sales were robust in January-February, both business and consumer confidence worsened in the quarter. Meanwhile, in a report published at the end of March, the IMF highlighted that the stock of banks' non-performing loans (NPLs) has declined considerably—although still remains bulky—from the financial crisis’ peak, and that public debt has been placed on a downward trajectory. However, it also urged the government to increase court efficiency and tightly contain spending to reduce debt vulnerabilities. In a similar vein, in mid-April, Fitch Ratings affirmed Cyprus’ rating at BBB- with a stable outlook. The decision reflects a balance between robust growth and a healthy fiscal surplus, with high levels of NPLs and public and private debt.Cyprus - Current Account Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -4.9 | -4.3 | -1.5 | -4.9 | -6.7 |
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
Cyprus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.12 | 0.65 % | May 13 |
| Stock Market | 70.0 | -0.44 % | May 13 |
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Economic News
Cyprus: Growth softens but stays resilient in Q1
May 15, 2019
Growth decelerated to 3.4% in year-on-year terms in the first quarter of the year, down somewhat from the previous quarter’s 3.8%.
Cyprus: Inflation recedes in April
May 6, 2019
Consumer prices rose 0.4% from the previous month in April, following March’s 0.8% increase.
Cyprus: Industrial output growth eases in February
April 25, 2019
According to Statistics Cyprus, annual working day-adjusted industrial production growth slowed from 7.5% in January to 5.5% in February.
Cyprus: Inflation inches up in March
April 17, 2019
Consumer prices jumped 0.8% from the previous month in March, following February’s flat reading.
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