Current Account in Cyprus
Cyprus - Current Account
According to a preliminary release, the economy rebounded strongly in the second quarter. However, a low base effect flattered the reading, as evidenced by slower GDP growth in sequential terms compared to the prior quarter. Moving forward, available data paints a fairly positive picture for Q3. Higher economic sentiment in July compared to Q2 hints at positive domestic demand dynamics, while surging numbers of tourist arrivals in annual terms in July will have buoyed the external sector. However, in early August, workers at Limassol—the country’s largest port—went on an indefinite strike against DP World, the operator of the port’s general cargo and cruise terminals. The strike is poised to disrupt operations, likely weighing on trade ahead.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 jumps in August
September 2, 2021
Consumer prices jumped 1.55% in August over the previous month, following the 0.11% rise in July.
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Cyprus: Economy rebounds in the second quarter
August 31, 2021
A second reading of national accounts data confirmed that the economy bounced back in the second quarter, growing 12.8% year-on-year, above the 2.0% contraction seen in the first quarter.
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Cyprus: Industrial production expands at softer pace in June
August 30, 2021
Industrial output growth moderated to 4.6% in annual terms in June, following May’s 12.0% expansion, logging the lowest print in four months.
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Cyprus: GDP expands strongly in the second quarter
August 17, 2021
The economy rebounded robustly in the second quarter, albeit flattered by a favorable base reading, with GDP expanding 12.8% year-on-year.
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Cyprus: Inflation hits over decade high in July
August 5, 2021
Consumer prices rose 0.11% July over the previous month, cooling from June’s 0.31% rise.
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