Current Account in Cyprus
Cyprus - Current AccountGrowth 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
|Current Account (% of GDP)||-4.9||-4.3||-1.5||-5.1||-8.4|
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
|Exchange Rate||1.13||0.65 %||Jul 11|
|Stock Market||72.2||-0.44 %||Jul 11|
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July 4, 2019
Consumer prices rose 0.1% from the previous month in June, matching May’s month-on-month increase.
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.
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.
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%.
May 6, 2019
Consumer prices rose 0.4% from the previous month in April, following March’s 0.8% increase.