Cyprus' gross domestic product growth slowed to 0.8 percent year-on-year in the first quarter of 2020, the weakest rate since a contraction in 2014, following the implementation of lockdown measures to halt the spread of the coronavirus pandemic, a preliminary estimate showed. Hotels and restaurants, manufacturing, arts, entertainment and recreation, other service activities and construction sectors were the hardest hit. On a quarterly basis, the economy contracted 1.3 percent.
GDP Annual Growth Rate in Cyprus averaged 2.52 percent from 1996 until 2020, reaching an all time high of 7.20 percent in the fourth quarter of 2016 and a record low of -7.50 percent in the second quarter of 2013. This page provides - Cyprus GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020.
GDP Annual Growth Rate in Cyprus is expected to be -1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Cyprus to stand at 0.50 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 1.50 percent in 2021 and 2.80 percent in 2022, according to our econometric models.