The gross domestic product in Cyprus slumped 11.60 percent on quarter in the three months to June 2020, the most since series begun in 1995 as a result of implementation of measures to stop COVID-19 from spreading. The negative GDP growth rate is mainly attributed to the sectors: hotels & restaurants; manufacturing; construction; transport; storage & communication; wholesale & retail trade; repair of motor vehicles; arts, entertainment & recreation; and other service activities. Year over year, the economy shrank a record 11.9 percent, after shrinking an upwardly revised 1.3 percent in the prior period.
GDP Growth Rate in Cyprus averaged 0.48 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 -11.60 percent in the second quarter of 2020. 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 October 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 1.50 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.