Current Account in Cyprus

Cyprus Current Account | Economic News & Forecasts

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  

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Cyprus Current Account Chart

Cyprus Current Account
Note: Current account balance as % of GDP.
Source: Cyprus Central Bank and FocusEconomics calculations.

Cyprus Facts

Exchange Rate1.120.65 %May 13
Stock Market70.0-0.44 %May 13

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