The current account deficit in Cyprus rose to EUR 203.6 million in the second quarter of 2019 from EUR 88.4 million in the same period a year earlier. The goods gap widened to EUR 1,316 million from EUR 1,164 million a year ago and the services surplus narrowed to EUR 1,416 million from EUR 1,433 million. On the other hand, the primary income shortfall fell to EUR 229 million from EUR 250 million and the secondary income deficit declined to EUR 75 million from EUR 108 million. Current Account in Cyprus averaged -233.05 EUR Million from 2001 until 2019, 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.
Current Account in Cyprus is expected to be -980.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Cyprus to stand at -360.00 in 12 months time. In the long-term, the Cyprus Current Account is projected to trend around -870.00 EUR Million in 2020, according to our econometric models.