Industry in Cyprus
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 |
Cyprus Industry Chart
Source: National Statistical Service and FocusEconomics calculations.
Cyprus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.15 | 0.65 % | Oct 18 |
| Stock Market | 66.9 | -0.44 % | Oct 18 |
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