The current account deficit in Cyprus widened to EUR 591 million in the first quarter of 2019 from EUR 149 million in the same period last year, as the goods deficit increased to EUR 879 million from EUR 462 million while the services surplus declined to EUR 404 million from EUR 573 million. On the other hand, the primary income gap shrank to EUR 55 million from EUR 153 million a year ago and the secondary income deficit dropped to EUR 61 million from EUR 106 million. Current Account in Cyprus averaged -279.11 EUR Million from 2001 until 2019, reaching an all time high of 395.30 EUR Million in the third quarter of 2006 and a record low of -1541.40 EUR Million in the fourth quarter of 2007.
Current Account in Cyprus is expected to be -120.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Cyprus to stand at -360.00 in 12 months time. In the long-term, the Cyprus Current Account is projected to trend around -870.00 EUR Million in 2020, according to our econometric models.