Current Account in Cyprus
Cyprus - Current Account
Growth decelerated in the first quarter on a significant contraction in exports. A marked weakening in the tourist sector was partly responsible for the negative performance of the external sector, although a surge in highly volatile fixed investment partially cushioned the GDP slowdown. Available data for Q2 hints at a possible pick-up in activity: Tourist arrivals rebounded in April, although the pace of increase suggests the sector has lost momentum; the unemployment rate fell; while business confidence gained some ground in April-May. Meanwhile, on the international front, relations with Turkey are being strained as Turkish ships continue to carry out explorations for oil and gas in the exclusive economic zone of Cyprus. At the end of May, the European Commission reiterated its condemnation of Turkey’s “continued illegal actions in the Eastern Mediterranean”.Cyprus - Current Account Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -4.9 | -4.3 | -1.5 | -5.1 | -8.4 |
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
Cyprus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.13 | 0.65 % | Jul 11 |
| Stock Market | 72.2 | -0.44 % | Jul 11 |
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Economic News
Cyprus: Consumer prices, on an annual basis, fall in June
July 4, 2019
Consumer prices rose 0.1% from the previous month in June, matching May’s month-on-month increase.
Cyprus: Growth at over three-year low on plunging exports
June 7, 2019
Economic growth clocked in at 3.2% in year-on-year terms in Q1 2019, slowing from the 3.8% expansion recorded in Q4 2018, due to a notable deterioration in the external sector.
Cyprus: Industrial output contracts in March
May 30, 2019
Annual working day-adjusted industrial production contracted 0.7% in March, contrasting February’s revised 5.8% expansion (previously reported: +5.5%), according to Statistics Cyprus.
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.
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