Current Account in Cyprus
Cyprus - Current AccountEconomic 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
|Current Account (% of GDP)||-4.9||-4.3||-1.5||-4.9||-6.7|
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
|Exchange Rate||1.12||0.65 %||May 13|
|Stock Market||70.0||-0.44 %||May 13|
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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.
April 25, 2019
According to Statistics Cyprus, annual working day-adjusted industrial production growth slowed from 7.5% in January to 5.5% in February.
April 17, 2019
Consumer prices jumped 0.8% from the previous month in March, following February’s flat reading.