The economy of Cyprus contracted 1.6 percent year-on-year in the first quarter of 2021, following a 4.4 percent fall in the prior quarter, final estimates confirmed. It was the fourth straight quarter of decline, but also the slowest contraction since the pandemic’s outbreak, as lockdown restrictions were eased after their introduction in January. During this quarter, output shrank mainly in the following sectors: Hotels & Restaurants, Manufacturing, Transports, Storage & Communication, Wholesale & Retail Tarde and Recreation & Culture. On a quarterly basis, GDP advanced 2.0 percent, improving from a 1.1 percent expansion in Q4. source: Statistical Service of the Republic of Cyprus
GDP Annual Growth Rate in Cyprus averaged 2.43 percent from 1996 until 2021, reaching an all time high of 9.10 percent in the second quarter of 2000 and a record low of -12.50 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 July of 2021.
GDP Annual Growth Rate in Cyprus is expected to be 9.50 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 2.80 percent in 2022, according to our econometric models.