GDP in Cyprus
Cyprus - GDP
Economic growth moderates in Q1, but underlying momentum stays strong
Activity softened in the first quarter, with GDP expanding 5.9% year-on-year (Q4 2021: +6.4 yoy), chiefly driven by a dwindling base effect. Household spending growth improved to 7.9% year-on-year in Q1 from a 6.6% expansion in Q4. Public spending accelerated to a 1.7% increase in Q1 (Q4 2021: +0.5% yoy). Meanwhile, fixed investment contracted at a more moderate pace of 11.2% in Q1, from the 41.1% contraction in the previous quarter.
Exports of goods and services growth fell to 14.6% in Q1, marking the worst reading since Q2 2021 (Q4 2021: +16.6% yoy). Conversely, imports of goods and services growth picked up to 9.7% in Q1 (Q4 2021: +6.7% yoy).
On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth gathered pace, accelerating to 1.0% in Q1, following the previous period's 0.9% growth.
Turning to Q2, the economy is expected to continue benefiting from improved dynamics in the tourism sector as travel restrictions were further eased from mid-April. That said, the reliance on Russian tourists will impede the sector’s full recovery due to EU sanctions on Russia. Moreover, the domestic economic panorama has darkened since the war in Ukraine broke out, as surging energy and food prices will likely cap household spending.
FocusEconomics analysts see GDP growing 3.0% in 2022, which is unchanged from last month’s forecast. In 2023, our panel sees the economy expanding 3.3%.
Cyprus - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 3.4 | 6.8 | 4.4 | 4.1 | 3.2 |
Cyprus GDP Chart
Source: National Statistical Service and FocusEconomics calculations.
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 comes in at highest level since our records began in May
June 17, 2022
Consumer prices rose 0.92% from the previous month in May, which was below April's 2.39% rise.
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Cyprus: Economic growth moderates in Q1, but underlying momentum stays strong
June 1, 2022
Activity softened in the first quarter, with GDP expanding 5.9% year-on-year (Q4 2021: +6.4 yoy), chiefly driven by a dwindling base effect.
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Cyprus: Industrial output expands at quickest pace since August 2021 in March
May 30, 2022
Industrial output rose 6.9% compared to the same month of the previous year in March, which was above February's 3.7% increase.
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Cyprus: Inflation comes in at highest level since our records began in April
May 18, 2022
Consumer prices increased 2.39% in April over the previous month, accelerating from the 1.83% rise seen in March.
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Cyprus: GDP growth loses momentum in the first quarter but remains healthy
May 17, 2022
According to a preliminary estimate, GDP growth slowed to 5.8% year-on-year in the first quarter, from 6.4% in the fourth quarter of last year, mainly due to a dwindling base effect.
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