Cyprus recorded a Current Account deficit of 174.50 EUR Million in the fourth quarter of 2022. source: Central Bank of Cyprus

Current Account in Cyprus averaged -272.44 EUR Million from 2001 until 2022, reaching an all time high of 395.30 EUR Million in the third quarter of 2006 and a record low of -1541.40 EUR Million in the fourth quarter of 2007. This page provides - Cyprus Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus Current Account - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Current Account in Cyprus is expected to be -1120.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus Current Account is projected to trend around -620.00 EUR Million in 2024 and -380.00 EUR Million in 2025, according to our econometric models.

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Cyprus Current Account

Calendar GMT Actual Previous Consensus TEForecast
2023-01-04 07:00 AM Q3 €-435.7M €-1037.5M € -560M
2023-04-05 09:00 AM Q4 €-174.5M €-509.3M €-620.0M
2023-06-30 09:00 AM Q1 €-174.5M €-970.0M

Related Last Previous Unit Reference
Balance of Trade -653105.00 -517841.00 EUR Thousand Mar 2023
Current Account -174.50 -509.30 EUR Million Dec 2022
Exports 340699.00 259926.00 EUR Thousand Mar 2023
Imports 993804.00 777767.00 EUR Thousand Mar 2023
Capital Flows 247.60 117.60 EUR Million Dec 2022
Remittances 16.50 20.80 EUR Million Dec 2022
External Debt 167649.65 166144.12 EUR Million Dec 2022

Cyprus Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).
Actual Previous Highest Lowest Dates Unit Frequency
-174.50 -509.30 395.30 -1541.40 2001 - 2022 EUR Million Quarterly

News Stream
Cyprus Current Account Gap Narrows in Q4
The current account deficit in Cyprus narrowed to EUR 174.5 million in the fourth quarter of 2022 from EUR 217.9 million in corresponding period of the previous year. The services surplus widened to EUR 1,531.4 million from EUR 1,425.7 million a year ago, while the goods account gap expanded to EUR 1,067.4 million from EUR 914.6. Meanwhile, the primary income gap rose slightly to EUR 643.6 million from EUR 628.2 million and the secondary income switched to a EUR 5 million surplus from EUR 100.8 million gap.
Cyprus Posts Largest Current Account Deficit Since 2008
The current account deficit in Cyprus rose to EUR 1,037.50 million in the second quarter of 2022 from a revised EUR 445.25 million in the same period a year earlier. It was the largest current account deficit since the last quarter of 2008, as the goods gap widened to EUR 1,922.60 million from EUR 1,098.40 million the year before and the primary income gap increased to EUR 448.30 million from EUR 346.90 million. Meanwhile, the services surplus was up to EUR 1377.10 million from 1103.70 million a year ago, while the secondary income deficit shortened to EUR 43.70 million from EUR 103.60 million.