Cyprus' gross domestic product shrank 4.5 percent year-on-year in the fourth quarter of 2020, following a 4.3 percent drop in the previous period, in line with preliminary estimates as preventing measures to curb the spread of Covid-19 disease were re-introduced initially at local level and eventually at national level by December. The negative GDP is mainly attributed to hotels and restaurants; manufacturing; transport, storage and communication; wholesale and retail trade, repair of motor vehicles; and arts, entertainment and recreation. On a quarterly basis, the economy expanded 1.4 percent, following a record 8.9 percent expansion in Q3. Considering 2020, Cyprus' gross domestic product contracted 5.1 percent, after a 3.1 percent expansion in 2019. source: Statistical Service of the Republic of Cyprus
GDP Annual Growth Rate in Cyprus averaged 2.47 percent from 1996 until 2020, reaching an all time high of 9.10 percent in the second quarter of 2000 and a record low of -12.40 percent in the second quarter of 2020. 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 March of 2021.
GDP Annual Growth Rate in Cyprus is expected to be -2.30 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 3.30 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 2.80 percent in 2022, according to our econometric models.