Trade Balance in Cyprus
Cyprus - Trade Balance
A flash estimate revealed that GDP grew 0.7% quarter-on-quarter in Q1, an identical pace to Q4 2021. While a detailed breakdown is not yet available, the services sector likely supported activity thanks to lower unemployment and reduced Covid-19 restrictions. Moreover, industrial output gained steam in January–February in annual terms. Turning to Q2, momentum is likely easing as food and energy price hikes due to the Ukraine War take their toll. Business and consumer confidence plummeted in April, boding poorly for consumption and private investment in the second quarter. While the recent lifting of all remaining travel restrictions will benefit the tourism sector, the reliance on Russian tourists will prevent the sector’s full recovery. Finally, in May the EU Commission recommended focusing on reducing non-performing loans and mitigating climate change risks.Cyprus - Trade Balance Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Trade Balance (USD billion) | -3.8 | -4.9 | -6.0 | -5.7 | -5.8 |
Cyprus Trade Balance 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: Cyprus heads to presidential elections amid a fragmented Parliament
January 27, 2023
— After the first round in early February, the election is expected to go to a second round. — Nikos Christodoulides is the front-runner. — Economic policy stability can be expected regardless of the outcome. What is happening: On 5 February, the country will head to the polls to elect a new president.
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Cyprus: Harmonized inflation plunges to lowest level since March in December
January 18, 2023
Harmonized inflation dropped to 7.6% in December, following November’s 8.1%.
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Cyprus: Decline in industrial output softens in October
December 29, 2022
Industrial output slid 1.0% year on year in October (September: -1.3% yoy).
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Cyprus: Harmonized inflation falls to lowest level since March in November
December 19, 2022
Harmonized inflation dropped to 8.1% in November, following October’s 8.6% outturn.
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Cyprus: GDP growth records slowest increase since Q1 2021 in the third quarter
December 1, 2022
GDP growth waned to 5.5% year on year in the third quarter, from 5.9% in the second quarter.
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