Current Account in Cyprus
Cyprus - Current Account
Available data suggests that the economic panorama remained subdued in Q3, following the unprecedented GDP drop in Q2. On the external front, tourist arrivals nosedived by more than 80%, on average, in Q3, while merchandise exports dropped markedly in July–August, as Covid-19 continued to suppress foreign demand. On the domestic side, consumers turned only marginally less pessimistic in Q3 compared to Q2—the peak of the health crisis—while the unemployment rate rose in August, likely dragging on household consumption. Moving to Q4, a spike in new Covid-19 infections prompted the government to introduce new restrictions in mid-October, boding ill for recovery at the tail-end of the year. More positively, on 2 October, Fitch Ratings affirmed the country’s BBB- credit rating with a stable outlook, citing its solid governance, strong institutions and sound fiscal policy.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: Inflation accelerates in May
June 3, 2021
Consumer prices rose 0.63% over the previous month in May, softening from April’s 0.82% print.
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Cyprus: Economy contracts at milder pace in Q1
May 31, 2021
A second reading of national accounts data confirmed that the economy shrank at a softer rate of 1.6% year-on-year in the first quarter of the year, following the 4.5% contraction recorded in the prior quarter.
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Cyprus: Industrial output rises to over two-year high in March
May 28, 2021
Industrial production bounced back notably in March, expanding 8.3% in annual terms, contrasting February’s 8.1% decline and logging the best reading in more than two years.
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Cyprus: GDP drops again in Q1
May 18, 2021
The economy shrank a softer 1.6% in annual terms in the first quarter of 2021, following Q4 2020’s contraction of 4.5%.
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Cyprus: Inflation returns in April
May 6, 2021
Consumer prices rose 0.82% over the previous month in April, moderating from March’s 1.30% reading.
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