Current Account in Cyprus

Cyprus Current Account | Economic News & Forecasts

Cyprus - Current Account

Annual growth picked up in Q3 on the back of more upbeat external demand, after slowing to an over four-year low in the second quarter. Domestically, although private consumption held solid and public expenditure growth was its highest in over two decades, shrinking inventories and cooling investment activity weighed heavily on demand. Heading into Q4, available data is mixed: Business confidence strengthened in October–November compared to Q3 while tourist arrivals picked up pace in the same period; however, households turned more pessimistic—boding ill for consumer spending. In other news, at the conclusion of its Article IV visit to the island on 27 November, the IMF welcomed the country’s robust economic recovery and authorities’ efforts to address vulnerabilities in the banking sector. It also, however, encouraged further progress towards ensuring an effective NPL resolution framework.

Cyprus - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)-4.9  -4.3  -1.5  -5.1  -8.4  

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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 %Dec 31

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