The current account deficit in Cyprus narrowed to EUR 182 million in the second quarter of 2020 from EUR 307.9 million a year earlier, mainly due to a big fall in the goods deficit (EUR -655.5 million vs EUR -1282.2 million) as the coronavirus restrictions restricted both exports and imports. The services surplus also shrank markedly (EUR 727.5 million vs EUR 1324.6 million), mainly due to travel. Meanwhile, the primary income gap decreased to EUR 145.4 million from EUR -275.9 million while the secondary income shortfall increased to EUR 108.6 million from EUR 74.4 million. source: Central Bank of Cyprus
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 October of 2020.
Current Account in Cyprus is expected to be -920.00 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.