Current Account in Cyprus
Cyprus - Current Account
A preliminary estimate revealed that the economy shifted into a lower gear in the second quarter, with growth softening to a near four-year low. That said, it remained solid and well above the Eurozone average, propelled by the construction, information and technology, and professional and technical activities sectors. On the expenditure side, healthy wage increases as of late and sustained job market tightening—which saw the unemployment rate dip to an over eight-year low in Q2—likely buoyed household spending, as reflected by strong retail sales data for April–May. On the downside, declining tourist arrivals in May and June, coupled with a wider trade deficit in Q2 from a year ago, indicates that the external sector likely dragged noticeably on growth.Cyprus - Current Account Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -4.9 | -4.3 | -1.5 | -5.1 | -8.4 |
Cyprus Current Account Chart
Source: Cyprus Central Bank and FocusEconomics calculations.
Cyprus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.10 | 0.65 % | Sep 04 |
| Stock Market | 69.9 | -0.44 % | Sep 04 |
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Economic News
Cyprus: Growth slows to near four-year low in Q2
September 6, 2019
Annual growth eased to 3.0% in the second quarter, according to detailed national accounts released on 6 September (Q1: +3.2% year-on-year).
Cyprus: Consumer prices, on an annual basis, decline for the third successive month in August
September 5, 2019
Consumer prices rose 0.3% from the previous month in August, contrasting July’s 1.3% month-on-month decline.
Cyprus: Industrial output flatlines in June
August 29, 2019
Annual working day-adjusted industrial production was stagnant in June, following the 0.2% expansion logged in May.
Cyprus: Growth softens to near four-year low in Q2
August 14, 2019
Annual growth moderated to 3.0% in the second quarter, marking the slowest pace since Q3 2015 (Q1 2019: +3.2% year-on-year).
Cyprus: Consumer prices, on an annual basis, fall again in July
August 5, 2019
Consumer prices declined 1.3% from the previous month in July, contrasting June’s 0.1% month-on-month increase.
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