The current account deficit in Cyprus widened to EUR 928.1 million in the first quarter of 2020 from EUR 639.4 million in the same period of the previous year. It was the largest current account gap since the last quarter of 2008, as the goods shortfall increased to EUR 1201 million from EUR 901.7 million. In addition, the services surplus narrowed to EUR 445.2 million from EUR 507.4 million a year earlier and the secondary income deficit rose to EUR 101.6 million from EUR 50.7 million a year earlier. On the other hand, the primary income shortfall declined to EUR 70.8 million from EUR 194.3 million.
Current Account in Cyprus averaged -244.88 EUR Million from 2001 until 2020, 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 July of 2020. source: Central Bank of Cyprus
Current Account in Cyprus is expected to be -360.00 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 -920.00 in 12 months time. In the long-term, the Cyprus Current Account is projected to trend around -870.00 EUR Million in 2021, according to our econometric models.