Fiscal Balance in Cyprus
Cyprus - Fiscal Balance
A second release confirmed that GDP growth cooled in the third quarter, on the heels of moderating domestic activity. Household and public spending expanded at a slower pace, while capital spending contracted compared to the prior quarter. Meanwhile, exports of goods and services gained traction in the period, largely on rising numbers of tourist arrivals and easing Covid-19 cases domestically and in the region. Turning to Q4, household spending has likely waned further in the final stretch of the year, as suggested by a rising unemployment rate in October and deteriorating consumer sentiment in October–November. On top of this, elevated price pressures and tighter Covid-19 curbs from mid-December, amid rising new cases, will have also weighed on domestic activity. More positively, surging merchandise export growth in October—the joint highest in nearly three years—bodes well for the external sector.Cyprus - Fiscal Balance Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -1.0 | 0.3 | 2.0 | -3.7 | 1.7 |
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 rises in December
January 7, 2022
Consumer prices fell 0.25% in December, contrasting November’s 0.54% increase.
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Cyprus: Industrial output records slowest expansion since February in October
December 30, 2021
Industrial output increased 1.7% compared to the same month a year earlier in October, which followed September's 2.4% increase.
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Cyprus: Inflation remains stable in November
December 2, 2021
Consumer prices rose 0.54% in November, cooling from the 0.73% increase in October.
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Cyprus: Second release confirms softer GDP growth in the third quarter
November 30, 2021
A second reading of national accounts data revealed that GDP growth lost steam in the third quarter, falling to 5.5% year-on-year (preliminary estimate: +5.2% yoy) from 13.1% in the second quarter. Private consumption increased 3.3% in the third quarter, which was below the second quarter's 14.7% expansion.
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Cyprus: Industrial activity drops at sharpest rate since February in September
November 29, 2021
Industrial production decreased 1.2% year-on-year in September (August: +8.9% yoy).
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