Industry in Cyprus

Cyprus Industry | Economic News & Forecasts

Cyprus - Industry

The latest GDP data showed that robust momentum was maintained in Q2, with the economy growing at the 3.9% annual pace logged in Q1. A nearly 50% surge in capital spending largely underpinned the expansion. Meanwhile, available data points to the extension of healthy economic activity into Q3: The labor market continues to improve—the unemployment rate dipped to a seven-year low in July—while a record number of tourists visited the island in July–August. Compounding the good news, on 14 September S&P Global Ratings raised the country’s credit rating back to investment grade after more than six years in “junk” status. Besides strengthening confidence in the economy, the move should alleviate borrowing costs for the Cypriot government and banks.

Cyprus - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)-13.4  -0.1  3.4  8.7  9.7  

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Cyprus Industry Chart

Cyprus Industry
Note: Annual variation of industrial production in %.
Source: National Statistical Service and FocusEconomics calculations.

Cyprus Facts

Exchange Rate1.150.65 %Oct 18
Stock Market66.9-0.44 %Oct 18

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