Cyprus - Economic Forecasts - 2018-2020 Outlook

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.


Overview Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 1.00 0.6 0.5 0.8 0.8 0.4 percent
Unemployment Rate 8.40 8.2 7.7 7.4 7.2 6.2 percent
Inflation Rate 2.30 1.5 1.8 2 2.1 2.5 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -377178.00 -271000 -474000 -450000 -133000 -468000 EUR Thousand
Government Debt to GDP 97.50 105 105 102 102 100 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Currency 1.17
 1.14 1.13 1.11 1.09 1.02
Stock Market 76.38
points		 73.68 71.48 69.34 67.27 59.58
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 1.00
percent		 0.6 0.5 0.8 0.8 0.4
GDP Annual Growth Rate 4.00
percent		 2.7 2.5 4.2 4 2.2
GDP 21.65
USD Billion		 23 23 25 25 29
GDP Constant Prices 4249.30
EUR Million		 4220 4314 4428 4289 4515
Gross National Product 19213.76
EUR Million		 18465 19694 20021 18948 20610
Gross Fixed Capital Formation 448.69
EUR Million		 701 1453 468 740 1521
GDP per capita 29432.67
USD		 29600 29600 29800 29800 30000
GDP per capita PPP 32415.13
USD		 33100 33100 34000 34000 35250
GDP From Agriculture 63.80
EUR Million		 63.95 63.96 66.48 65.42 66.94
GDP From Construction 211.30
EUR Million		 199 210 220 197 220
GDP From Manufacturing 209.09
EUR Million		 203 210 218 202 220
GDP From Mining 287.30
EUR Million		 283 290 299 283 304
GDP From Public Administration 374.36
EUR Million		 369 379 390 372 397
GDP From Services 967.07
EUR Million		 955 979 1008 970 1025
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 8.40
percent		 8.2 7.7 7.4 7.2 6.2
Employed Persons 367.30
Thousand		 369 375 375 375 378
Unemployed Persons 46468.00
 39781 39021 41744 38051 36908
Long Term Unemployment Rate 3.20
percent		 2.33 1.98 1.69 1.44 0.7
Youth Unemployment Rate 22.40
percent		 21.85 21.75 21.7 21.68 21.65
Labour Costs 90.65
Index Points		 93.12 93.36 93.29 93.31 93.31
Wages 1848.00
EUR/Month		 1750 2156 1834 1909 2170
Population 0.86
Million		 0.86 0.86 0.86 0.86 0.87
Retirement Age Women 65.00
 65 65 65 65 65
Retirement Age Men 65.00
 65 65 65 65 65
Wage Growth 1.20
percent		 1.36 1.08 0.9 0.88 0.82
Productivity 104.40
Index Points		 110 107 105 106 107
Part Time Employment 45.50
Thousand		 41.7 43.95 44.27 42.83 43.08
Labor Force Participation Rate 62.00
percent		 62.24 62.28 62.45 62.47 62.62
Employment Change 0.80
percent		 0.96 0.91 1.03 1 0.98
Employment Rate 66.20
percent		 68.5 68.04 68.1 69.2 70.46
Full Time Employment 330.60
Thousand		 350 347 348 361 379
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 2.30
percent		 1.5 1.8 2 2.1 2.5
Harmonised Consumer Prices 101.92
Index Points		 102 100 100 104 105
Consumer Price Index CPI 101.49
Index Points		 100 101 101 104 106
GDP Deflator 115.91
Index Points		 117 118 117 118 119
Producer Prices 99.80
Index Points		 101 112 100 100 122
Inflation Rate Mom 0.50
percent		 0.01 0.38 0.02 0.38 0.24
Cpi Housing Utilities 104.32
Index Points		 107 108 108 107 107
CPI Transportation 103.00
Index Points		 97.55 98.55 101 105 104
Food Inflation 3.90
percent		 1.5 1.8 2 1.7 2
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 0.00
percent		 0 0 0 0.25 0.75
Foreign Exchange Reserves 742.20
EUR Million		 741 744 744 744 744
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -377178.00
EUR Thousand		 -271000 -474000 -450000 -133000 -468000
Exports 455591.00
EUR Thousand		 287000 251000 286000 458000 298000
Imports 832769.00
EUR Thousand		 558000 725000 736000 591000 766000
Current Account -86.30
EUR Million		 415 -980 -720 15 -700
Current Account to GDP -6.70
percent		 -4 -4 -3.8 -3.8 -3.6
Capital Flows 310.60
EUR Million		 110 -278 81.59 -40.42 -68.75
Remittances 16.50
EUR Million		 11.39 15.35 15.33 14.32 14.43
Tourism Revenues 181400.00
EUR Thousand		 283033 95326 139921 302990 144472
Tourist Arrivals 450495.00
 491200 97000 154000 476900 141900
Gold Reserves 13.90
Tonnes		 13.9 13.9 13.9 13.9 13.9
Terrorism Index 1.89
 1.14 0.86 0.74 0.62 1.57
External Debt 105756.16
EUR Million		 105935 105846 105989 105922 105929
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 97.50
percent		 105 105 102 102 100
Government Budget 1.80
percent of GDP		 1.2 1.2 2.38 1.15 1
Government Budget Value 297.30
EUR Million		 396 158 270 64.01 350
Government Spending 666.70
EUR Million		 656 679 695 682 711
Government Spending to GDP 38.10
percent		 38.98 38.74 39.4 40.07 40.42
Government Revenues 1853.90
EUR Million		 2112 2247 1933 1873 2260
Fiscal Expenditure 1556.60
EUR Million		 1716 2156 1662 1809 1910
Military Expenditure 386.00
USD Million		 337 339 337 336 332
Asylum Applications 530.00
persons		 453 436 443 440 441
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence 107.80
Index Points		 109 107 110 109 103
Industrial Production 7.60
percent		 5.52 5.36 5.29 5.28 5.29
Manufacturing Production 8.60
percent		 7.2 7.1 7.06 7.06 7.06
Changes in Inventories -23.60
EUR Million		 23.84 -5.88 -5.44 1.69 -1.25
Car Registrations 4533.00
 4804 4354 4767 4353 4375
Internet Speed 6912.45
KBps		 6364 6495 6461 6400 6409
IP Addresses 368293.00
IP		 397904 402723 407744 412780 461352
Mining Production 8.00
percent		 5.03 5.4 5.54 5.53 5.52
Corruption Index 57.00
Points		 58 59 59 59 64
Corruption Rank 42.00
 35 32 33 33 24
Competitiveness Index 4.30
Points		 4.19 4.19 4.35 4.41 4.38
Competitiveness Rank 64.00
 80 80 63 57 71
Ease of Doing Business 53.00
 45 46 46 46 47
Electricity Production 330.00
Gigawatt-hour		 389 389 394 389 391
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Consumer Confidence -2.60
Index Points		 -0.14 -12.6 -0.33 -0.33 -0.33
Retail Sales MoM 1.90
percent		 1.44 0.68 0.79 1.26 1.02
Retail Sales YoY 6.50
percent		 7.53 7.57 7.58 7.58 7.58
Consumer Spending 2834.90
EUR Million		 2816 2894 2954 2881 3029
Personal Savings -2.33
percent		 -1.72 -1.26 -1.34 -1.43 -2.54
Households Debt To Income 178.83
percent		 181 177 177 177 172
Gasoline Prices 1.54
USD/Liter		 1.46 1.38 1.3 1.23 0.71
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Housing Index 103.34
Index Points		 104 106 105 105 107
Home Ownership Rate 72.50
percent		 72.99 72.98 72.88 72.78 72.88
Construction Output 5.10
percent		 3.6 3.2 2.9 2.8 2.7
Building Permits 469.00
 486 488 489 488 488
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Corporate Tax Rate 12.50
percent		 12.5 12.5 12.25 12 12
Personal Income Tax Rate 35.00
percent		 35 35 35 35 35
Sales Tax Rate 19.00
percent		 19 19 19 19 19
Social Security Rate 15.60
percent		 15.6 15.6 16 16 16
Social Security Rate For Companies 7.80
percent		 7.8 7.8 7.8 7.8 7.8
Social Security Rate For Employees 7.80
percent		 7.8 7.8 7.8 7.8 7.8
CLIMATE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Temperature 28.04
celsius		 25.93 17.13 12.03 22.83 19.24