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.

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Cyprus GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.80 3.20 7.20 -7.50 1996 - 2020 percent Quarterly
SA, WDA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-09 10:00 AM YoY Final Q3 3.4% 3.2% 3%
2020-02-14 10:00 AM YoY Flash Q4 3.2% 3.3% 2.9%
2020-03-03 10:00 AM YoY Final Q4 3.2% 3.3% 3.2%
2020-05-15 09:00 AM YoY Flash Q1 0.8% 3.2% -1.2%
2020-05-29 09:00 AM YoY Final Q1 3.2% 0.8%
2020-08-14 09:00 AM YoY Flash Q2 -1.8%
2020-08-31 09:00 AM YoY Final Q2 -1.8%
2020-11-13 10:00 AM YoY Flash Q3 -1.4%


News Stream
Cyprus GDP Annual Growth Slows to 5-Year Low
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.
2020-05-15
Cyprus GDP Growth Confirmed at 3.2% in Q4
The economy of Cyprus expanded 3.2 percent year-on-year in the last three months of 2019, in line with the preliminary estimate and only slightly below 3.3 percent in the previous period. Main upward 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 weighed down on the growth. On a quarterly basis, the economy grew 0.8 percent, after a 0.5 percent gain in the third quarter and in line with earlier figures. Considering full 2019, the GDP increased 3.2 percent, below 4.1 percent in 2018.
2020-03-03
Cyprus Q4 GDP Grows 3.2% YoY
Cyprus economy expanded 3.2 percent year-on-year in the last quarter of 2019, following a 3.3 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 declined. On a quarterly basis, the economy grew 0.8 percent, after a 0.5 percent gain in the third quarter.
2020-02-14
Cyprus GDP Growth Revised Higher to 3.4% YoY in Q3
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.
2019-12-09

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.