The economy of Cyprus shrank 1.3 percent on quarter in the first three months of 2020, matching a preliminary estimate and following an upwardly revised 1 percent expansion in the previous period. It was the sharpest contraction since Q2 2013, amid the coronavirus pandemic.

GDP Growth Rate in Cyprus averaged 0.61 percent from 1995 until 2020, reaching an all time high of 2.90 percent in the first quarter of 2016 and a record low of -2.30 percent in the second quarter of 2013. This page provides - Cyprus GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.

GDP Growth Rate in Cyprus is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Cyprus to stand at 0.60 in 12 months time. In the long-term, the Cyprus GDP Growth Rate is projected to trend around 0.60 percent in 2021 and 0.80 percent in 2022, according to our econometric models.

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Cyprus GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.30 1.00 2.90 -2.30 1995 - 2020 percent Quarterly
SA, WDA


Calendar GMT Actual Previous Consensus TEForecast
2020-02-14 10:00 AM QoQ Flash Q4 0.8% 0.5% 0.8%
2020-03-03 10:00 AM QoQ Final Q4 0.8% 0.5% 0.8%
2020-05-15 09:00 AM QoQ Flash Q1 -1.3% 1% -2.3%
2020-05-29 09:00 AM QoQ Final Q1 -1.3% 1% -1.3%
2020-08-14 09:00 AM QoQ Flash Q2 -1.3% -15%
2020-08-31 09:00 AM QoQ Final Q2 -1.3% -15%
2020-11-13 10:00 AM QoQ Flash Q3 7%
2020-11-30 10:00 AM QoQ Final Q3 7%

Cyprus GDP Last Previous Highest Lowest Unit
GDP Growth Rate -1.30 1.00 2.90 -2.30 percent [+]
GDP Annual Growth Rate 0.80 3.20 9.10 -7.50 percent [+]
GDP 24.56 24.96 27.84 0.49 USD Billion [+]
GDP Constant Prices 5321.50 5391.30 5391.30 2819.30 EUR Million [+]
Gross National Product 21943.62 21137.81 21943.62 7678.31 EUR Million [+]
Gross Fixed Capital Formation 1115.00 968.64 1762.60 -6064.00 EUR Million [+]
GDP per capita 32093.00 31506.90 32725.60 7360.00 USD [+]
GDP per capita PPP 39544.70 38822.50 40324.20 24724.00 USD [+]
GDP From Agriculture 102.00 101.10 153.70 78.90 EUR Million [+]
GDP From Construction 359.50 402.10 493.30 176.20 EUR Million [+]
GDP From Manufacturing 240.36 265.65 272.39 167.22 EUR Million [+]
GDP From Mining 313.90 335.80 374.10 244.60 EUR Million [+]
GDP From Public Administration 486.38 485.70 486.38 182.97 EUR Million [+]
GDP From Services 1144.90 1163.00 1163.00 575.90 EUR Million [+]


Cyprus GDP Growth Rate
Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by government expenditure (16 percent) and gross fixed capital formation (11 percent). Exports of goods and services account for 55 percent of GDP while imports account for 53 percent, adding 2 percent of total GDP.