Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.21 1.21 1.21 1.2 1.2 1.19
Stock Market (points) 57.41 56.49 55.28 54.09 52.92 50.59

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 1.40 0.2 0.9 1.5 0.6 0.5
GDP Annual Growth Rate (%) -4.50 -2.3 9.5 7.3 3.3 2.8
Unemployment Rate (%) 7.30 12 11.9 11 10.4 9.5
Inflation Rate (%) -1.60 0.5 1 2.5 3 1.8
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Thousand) -473131.00 -528000 -528000 -528000 -525000 -525000
Current Account (EUR Million) -784.20 -920 -920 -920 -870 -870
Current Account to GDP (%) -6.70 -10.3 -10.3 -10.3 -10.3 -9.4
Government Debt to GDP (%) 95.50 107 107 107 107 108
Government Budget (% of GDP) 1.70 -8.6 -8.6 -8.6 -8.6 -6.4
Business Confidence (points) 80.80 100 103 105 108 110
Consumer Confidence (points) -31.80 -20 -16 -17 -18 -7
Corporate Tax Rate (%) 12.50 12.5 12.5 12.5 12.5 12.5
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 1.40 0.2 0.9 1.5 0.6 0.5
GDP Annual Growth Rate (%) -4.50 -2.3 9.5 7.3 3.3 2.8
GDP (USD Billion) 24.56 23.5 23.5 23.5 23.5 24.8
GDP Constant Prices (EUR Million) 5166.80 5310 5173 5544 5337 5487
Gross National Product (EUR Million) 22286.88 21774 24404 23914 23022 23667
Gross Fixed Capital Formation (EUR Million) 1046.90 1095 714 1123 1081 1112
GDP per capita (USD) 32093.00 31500 31500 31500 31500 32200
GDP per capita PPP (USD) 39544.70 39100 39100 39100 39100 34000
GDP From Agriculture (EUR Million) 87.60 84.61 96.47 93.99 90.49 93.02
GDP From Construction (EUR Million) 360.10 325 303 386 372 382
GDP From Manufacturing (EUR Million) 277.54 279 266 298 287 295
GDP From Mining (EUR Million) 327.10 334 313 351 338 347
GDP From Public Administration (EUR Million) 981.78 956 1074 1053 1014 1043
GDP From Services (EUR Million) 1000.10 1176 882 1073 1033 1062

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 7.30 12 11.9 11 10.4 9.5
Employed Persons (Thousand) 416.50 379 379 379 379 379
Labour Costs (points) 94.72 119 103 107 106 121
Wages (EUR/Month) 1907.00 2285 1959 1942 2386 2319
Population (Million) 0.88 0.89 0.89 0.89 0.89 0.9
Retirement Age Women 65.00 65 65 65 65 65
Retirement Age Men 65.00 65 65 65 65 65
Wage Growth (%) 2.00 0.7 0.9 1.2 1.5 2

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -1.60 0.5 1 2.5 3 1.8
Consumer Price Index CPI (points) 99.21 102 100 102 103 105
Harmonised Consumer Prices (points) 99.24 104 104 104 107 107
Food Inflation (%) -4.60 2 2.4 2.1 1.8 1.6
CPI Transportation (points) 94.22 96.25 91.83 95.69 96.08 97.81

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.00 0 0 0 0 0

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (EUR Thousand) -473131.00 -528000 -528000 -528000 -525000 -525000
Current Account (EUR Million) -784.20 -920 -920 -920 -870 -870
Current Account to GDP (%) -6.70 -10.3 -10.3 -10.3 -10.3 -9.4
Imports (EUR Thousand) 664938.00 766000 766000 766000 787000 787000
Exports (EUR Thousand) 191807.00 238000 238000 238000 262000 262000
Tourist Arrivals (Persons) 3889.00 38700 225900 460000 82000 115000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 95.50 107 107 107 107 108
Government Budget (% of GDP) 1.70 -8.6 -8.6 -8.6 -8.6 -6.4
Government Budget Value (EUR Million) -72.40 306 306 306 352 352
Government Spending (EUR Million) 1087.90 1000 1169 1167 1124 1155
Government Spending to GDP (%) 39.50 46.2 46.2 46.2 46.2 42

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 12.50 12.5 12.5 12.5 12.5 12.5
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 19.00 19 19 19 19 19
Social Security Rate (%) 16.60 15.6 16.6 16.6 15.6 15.6
Social Security Rate For Companies (%) 8.30 7.8 8.3 8.3 7.8 7.8
Social Security Rate For Employees (%) 8.30 7.8 8.3 8.3 7.8 7.8

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 80.80 100 103 105 108 110
Industrial Production (%) -0.90 -3 1.9 1.9 2.2 2.2

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -31.80 -20 -16 -17 -18 -7
Retail Sales YoY (%) 2.10 2 2.5 2.5 3.8 1.5
Consumer Spending (EUR Million) 3639.50 3470 3470 3905 3760 3865
Gasoline Prices (USD/Liter) 1.38 1.25 1.19 1.13 1.07 1.02

Housing Actual Q1 Q2 Q3 Q4 2022
Construction Output (%) 0.70 -4 3.5 3.5 5 5


This page has economic forecasts for Cyprus including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Cyprus economy.