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. GDP Annual Growth Rate in Cyprus averaged 2.42 percent from 1996 until 2019, reaching an all time high of 6.60 percent in the second quarter of 2000 and a record low of -6.70 percent in the first quarter of 2013.
GDP Annual Growth Rate in Cyprus is expected to be 4.20 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 3.50 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.