The economy of Cyprus advanced by 3.4% year-on-year in the first quarter of 2023, down from a 4.4% growth in the previous three-month period and matching preliminary estimates. This was the eight consecutive quarter of economic expansion since the contraction Q1 2021, albeit the slowest pace in the sequence, underpinned mainly by hotels and restaurants; transport and storage; information & communication; wholesale and retail trade, repair of motor vehicles; arts, entertainment and recreation and other service activities. On a quarterly basis, the GDP increased by 0.8 percent, as initially thought, following a 0.9 percent rise in the previous quarter. source: Statistical Service of the Republic of Cyprus

GDP Annual Growth Rate in Cyprus averaged 2.92 percent from 1996 until 2023, reaching an all time high of 12.90 percent in the second quarter of 2021 and a record low of -10.60 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 June of 2023.

GDP Annual Growth Rate in Cyprus is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 1.90 percent in 2024 and 2.20 percent in 2025, according to our econometric models.

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Cyprus GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-05-16 09:00 AM YoY Flash Q1 3.4% 4.4% 0.5%
2023-06-01 10:00 AM YoY Final Q1 3.4% 4.4% 3.4%
2023-08-16 09:00 AM YoY Flash Q2 3.4% 3.4%


Related Last Previous Unit Reference
GDP Growth Rate 0.80 0.90 percent Mar 2023
GDP Annual Growth Rate 3.40 4.40 percent Mar 2023
GDP Constant Prices 6199.70 6150.60 EUR Million Mar 2023
Gross National Product 27011.70 24018.85 EUR Million Dec 2022
Gross Fixed Capital Formation 1870.90 818.91 EUR Million Mar 2023
Full Year GDP Growth 5.63 6.64 percent Dec 2022
GDP from Services 1193.80 1177.60 EUR Million Mar 2023
GDP from Public Administration 1056.60 1060.80 EUR Million Mar 2023
GDP from Mining 410.50 405.10 EUR Million Mar 2023
GDP from Manufacturing 327.05 325.73 EUR Million Mar 2023
GDP from Construction 368.50 363.90 EUR Million Mar 2023
GDP from Agriculture 93.80 93.90 EUR Million Mar 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
3.40 4.40 12.90 -10.60 1996 - 2023 percent Quarterly
SA, WDA

News Stream
Cyprus GDP Growth Confirmed at 3.4% in Q1
The economy of Cyprus advanced by 3.4% year-on-year in the first quarter of 2023, down from a 4.4% growth in the previous three-month period and matching preliminary estimates. This was the eight consecutive quarter of economic expansion since the contraction Q1 2021, albeit the slowest pace in the sequence, underpinned mainly by hotels and restaurants; transport and storage; information & communication; wholesale and retail trade, repair of motor vehicles; arts, entertainment and recreation and other service activities. On a quarterly basis, the GDP increased by 0.8 percent, as initially thought, following a 0.9 percent rise in the previous quarter.
2023-06-01
Cyprus GDP Growth Eases in Q1
The economy of Cyprus advanced by 3.4% year-on-year in the first quarter of 2023, easing from a downwardly revised 4.4% rise in the previous period, preliminary estimates showed. It marks the eight consecutive quarter of growth since the contraction Q1 2021, albeit the slowest pace in the sequence. The growth was supported mainly by hotels & restaurants, transport & storage, information & communication, wholesale & retail trade, repair of motor vehicles and arts, entertainment & recreation, other service activities and financial activities. On a quarterly basis, the economy expanded 0.8%, following a downwardly revised 0.9% growth in the prior quarter.
2023-05-16
Cyprus GDP Growth Eases in Q4
The economy of Cyprus advanced by 4.5% year-on-year in the fourth quarter of 2022, easing from a downwardly revised 5.3% rise in the previous period. It marks the seventh consecutive quarter of growth since the contraction Q1 2021, albeit the slowest in the sequence. The growth was supported mainly by hotels & restaurants, transport & storage, information & communication, wholesale & retail trade, repair of motor vehicles and arts, entertainment & recreation. On a quarterly basis, the economy expanded 1.1%, following an upwardly revised 1.6% growth in Q3. Meanwhile, considering 2022 full year, the GDP grew by 5.6%, compared to a 6.6% expansion in 2021.
2023-03-01