Cyprus' gross domestic product shrank 4.4 percent year-on-year in the third quarter of 2020, following a revised record 12.3 percent contraction in the previous period, amid some easing of coronavirus restrictions, a preliminary estimate showed. Hotels and restaurants, manufacturing, transport, storage & communication, wholesale & retail trade, repair of motor vehicles, arts, entertainment and recreation and other service activities sectors continued to be hit by the pandemic shock. On a quarterly basis, the economy grew 9.4 percent, the most since the series began, recovering sharply from a revised record 13.1 percent decline in the previous period. 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 -11.90 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 November of 2020.
GDP Annual Growth Rate in Cyprus is expected to be -4.90 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 7.30 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 3.30 percent in 2021 and 2.80 percent in 2022, according to our econometric models.