The Cyprus economy expanded 3.4 percent year-on-year in the third quarter 2019, accelerating from an upwardly revised 3.2 percent advance in the previous period and above preliminary estimates of 3 percent. Growth was mainly driven by construction; information and communication; professional, scientific and technical activities; administrative and support service activities; and arts, entertainment and recreation. In contrast, a negative contribution came from financial and insurance activities. On a quarterly basis, the GDP advanced 0.4 percent, easing from an upwardly revised 1 percent expansion in Q2 and lower than earlier estimates of 0.7 percent. It was the softest pace of expansion since Q3 2018.

GDP Annual Growth Rate in Cyprus averaged 2.53 percent from 1996 until 2019, reaching an all time high of 7 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.

GDP Annual Growth Rate in Cyprus is expected to be 2.90 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 2.80 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 3.20 percent in 2020, according to our econometric models.

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Cyprus GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.40 3.20 7.00 -7.50 1996 - 2019 percent Quarterly
SA, WDA

Calendar GMT Actual Previous Consensus TEForecast
2019-08-14 09:00 AM GDP Growth Rate YoY Flash Q2 3.2% 3.4% 4.2%
2019-09-06 09:00 AM GDP Growth Rate YoY Final Q2 3.2% 3.2% 3.2%
2019-11-14 10:00 AM GDP Growth Rate YoY Flash Q3 3.0% 3.1% 3%
2019-12-09 10:00 AM GDP Growth Rate YoY Final Q3 3.4% 3.2% 3%
2020-02-14 10:00 AM GDP Growth Rate YoY Flash Q4 3.4% 2.9%


News Stream
2019-11-14
Cyprus GDP Grows the Least in 4 Years
The Cyprus economy advanced 3 percent year-on-year in the third quarter of 2019, easing from a downwardly revised 3.1 percent growth in the previous period, preliminary estimates showed. It was the slowest expansion since the third quarter of 2015. Growth was mainly driven by hotels and restaurants; retail and wholesale trade; construction; manufacturing; professional, scientific and technical activities and administrative & support service activities. In contrast, a negative contribution came from financial and insurance activities. On a quarterly basis, the gross domestic product expanded 0.7 percent, the same pace as in the previous three-month period.

2019-09-06
Cyprus Q2 GDP Growth Confirmed at 3.2% YoY
The Cyprus economy advanced 3.2 percent year-on-year in the second quarter of 2019, unrevised from the preliminary estimate and unchanged from the revised value in the previous period. Final consumption advanced faster (6.3 percent vs 6.2 percent in Q1), as government consumption increased further (12.9 percent vs 10.9 percent) while household consumption slowed (4.8 percent vs 5.1 percent). Meantime, gross fixed capital formation rose at a softer pace (21.6 percent vs 68.3 percent). Regarding net trade, exports dropped 3.1 percent (from 1.2 percent in Q1) while imports fell 1.1 percent (from 15.8 percent in Q1). On a quarterly basis, the gross domestic product expanded 0.8 percent, higher than a preliminary estimate of 0.7 percent and accelerating from a 0.6 percent gain in the first quarter.

2019-08-14
Cyprus GDP Growth Slows to Over 3-Year Low in Q2
The economy of Cyprus expanded 3.2 percent year-on-year in the second quarter of 2019, following a 3.4 percent advance in the previous period, a preliminary estimate showed. It was weakest expansion since the third quarter of 2015. Positive contributions to growth came from construction, information & communication, professional, scientific & technical activities, administrative & support service activities and arts, entertainment and recreation. On the other hand, financial and insurance activities shrank. On a quarterly basis, the economy grew 0.7 percent, the same pace as in the previous quarter.

2019-06-07
Cyprus GDP Growth Revised Down to Over 3-Year Low
The economy of Cyprus expanded 3.4 percent year-on-year in the first quarter of 2019, easing from a 3.8 percent advance in the previous three-month period and slightly below preliminary estimates of 3.5 percent. It was weakest expansion since the last quarter of 2015. Positive contributions to growth came from construction; information and communication; professional, scientific and technical activities; administrative and support service activities and arts, entertainment and recreation. On the other hand, financial and insurance activities shrank. On a quarterly basis, the economy advanced 0.7 percent, following a downwardly revised 0.9 percent growth in Q4.

2019-05-15
Cyprus Q1 GDP Grows 3.5% YoY
Gross domestic product of Cyprus expanded 3.5 percent year-on-year in the first quarter of 2019, following a 3.8 percent advance in the previous period, a preliminary estimate showed. Positive contributions to growth came from hotels and restaurant, retail and wholesale trade, construction, manufacturing, professional, scientific and technical activities and administrative and support service activities. On the other hand, financial and insurance activities shrank. On a quarterly basis, the economy grew 0.9 percent, the same pace as in the previous quarter.

2019-03-12
Cyprus GDP Growth Revised Down to 3.8% YoY in Q4
Gross domestic product in Cyprus expanded 3.8 percent year-on-year in the fourth quarter of 2018, below earlier estimates of a 3.9 percent advance and the same as in the previous three-month period. Positive contributions to growth came from hotels and restaurant, retail and wholesale trade, construction, manufacturing, professional, scientific and technical activities and administrative and support service activities. On the other hand, financial and insurance activities shrank. On a quarterly basis, the economy grew 1 percent, following an upwardly revised 0.9 percent rise in the third quarter but less than flash estimates of 1.1 percent.


Cyprus GDP Annual 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. Industry accounts for only 10 percent and agriculture for 2 percent. 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.

Cyprus GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 1.00 2.50 -2.40 percent [+]
GDP Annual Growth Rate 3.40 3.20 7.00 -7.50 percent [+]
GDP 24.47 22.14 27.84 0.49 USD Billion [+]
GDP Constant Prices 5358.90 5211.90 5358.90 2544.70 EUR Million [+]
Gross National Product 20730.85 19213.76 20730.85 6924.70 EUR Million [+]
Gross Fixed Capital Formation 1080.40 1151.90 1533.50 -6064.00 EUR Million [+]
GDP per capita 30926.50 30100.20 32727.10 7353.20 USD [+]
GDP per capita PPP 33047.55 32002.23 36013.62 22059.56 USD [+]
GDP From Agriculture 100.80 82.40 153.40 76.40 EUR Million [+]
GDP From Construction 380.90 348.20 494.60 158.30 EUR Million [+]
GDP From Manufacturing 263.55 236.09 272.27 163.52 EUR Million [+]
GDP From Mining 337.80 330.50 376.40 245.50 EUR Million [+]
GDP From Public Administration 484.97 481.66 484.97 161.34 EUR Million [+]
GDP From Services 1171.70 1108.10 1171.70 577.23 EUR Million [+]