GDP in Cyprus

Cyprus GDP | Economic News & Forecasts

Cyprus - GDP

Second release confirms softer GDP growth in the third quarter

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. Public spending grew at the slowest pace since Q2 2020, expanding 3.9% (Q2: +14.7% yoy). Meanwhile, fixed investment contracted 9.7% in Q3, marking the worst reading since Q2 2020 (Q2: +60.9% yoy).

Growth in exports of goods and services accelerated to 20.4% year-on-year in the third quarter, which marked the best reading since Q1 2021 (Q2: +11.2% yoy). Conversely, growth in imports of goods and services waned to 2.6% in Q3 (Q2: +23.8% yoy).

On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth remained stable at Q2’s 1.5% in Q3.

Commenting on the outlook for growth, analysts at the EIU said:

“We forecast growth of 4.0% in 2022, the year in which we expect real GDP in Cyprus to return to its 2019 pre-pandemic level, along with most other European economies. Growth rates will then normalise to an average of 2.9% in 2023–26. Over the medium term, growth will also be supported by the EU Recovery and Resilience investment plan, under which Cyprus is set to receive EUR 1 billion in grants and EUR 200 million in loans in 2021–26—and potentially an additional EUR 1.1 billion in private investment.”

FocusEconomics panelists see activity rebounding and growing 4.1% in 2022, which is unchanged from last month’s forecast. In 2023, GDP growth is seen at 3.6%.

Cyprus - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)3.4  6.8  4.4  4.1  3.2  

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Cyprus GDP Chart

Cyprus GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: National Statistical Service and FocusEconomics calculations.

Cyprus Facts

Value Change Date
Exchange Rate1.120.65 %Dec 31

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