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 Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.80 0.5 0.6 0.7 1 0.4 percent
Unemployment Rate 7.40 7.7 7.4 7.2 6.9 6.2 percent
Inflation Rate 3.00 1.8 2 2.1 2.3 2.5 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -397665.00 -474000 -450000 -133000 -404890 -468000 EUR Thousand
Government Debt to GDP 97.50 105 102 102 102 100 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.13
 1.15 1.14 1.13 1.13 1.1
Stock Market 67.32
points		 71.89 71.18 70.48 69.78 67.06
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.80
percent		 0.5 0.6 0.7 1 0.4
GDP Annual Growth Rate 3.90
percent		 4 3.9 4.2 3.8 3.2
GDP 21.65
USD Billion		 23 25 25 25 29
GDP Constant Prices 5035.60
EUR Million		 4378 4415 5247 5227 4685
Gross National Product 19213.76
EUR Million		 19982 19963 20021 19944 21385
Gross Fixed Capital Formation 1075.00
EUR Million		 1475 466 1120 1116 1578
GDP per capita 29432.67
USD		 29600 29800 29800 29800 30000
GDP per capita PPP 32415.13
USD		 33100 34000 34000 34000 35250
GDP From Agriculture 85.00
EUR Million		 64.9 66.29 88.57 88.23 69.45
GDP From Construction 279.10
EUR Million		 213 220 291 290 228
GDP From Manufacturing 231.96
EUR Million		 213 217 242 241 228
GDP From Mining 333.60
EUR Million		 295 298 348 346 315
GDP From Public Administration 448.11
EUR Million		 385 389 467 465 412
GDP From Services 1094.60
EUR Million		 994 1005 1141 1136 1063
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 7.40
percent		 7.7 7.4 7.2 6.9 6.2
Employed Persons 367.30
Thousand		 375 375 375 375 378
Unemployed Persons 31888.00
 29259 33017 24075 24290 18457
Long Term Unemployment Rate 2.50
percent		 1.68 1.33 1.03 0.77 0.32
Youth Unemployment Rate 19.00
percent		 16.42 15.95 15.7 15.57 15.42
Labour Costs 88.94
Index Points		 91.9 92.17 92.1 92.12 92.12
Job Vacancies 8630.00
 7876 8278 8495 8411 8399
Wages 1827.00
EUR/Month		 2156 1834 1891 1892 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 1.40
percent		 1.1 1.17 0.8 0.7 0.8
Productivity 104.60
Index Points		 107 105 105 110 107
Labor Force Participation Rate 62.00
percent		 62.07 62.15 62.15 62.18 62.21
Part Time Employment 44.60
Thousand		 45 45.22 44.52 43.46 44.74
Employment Change 1.00
percent		 0.79 0.9 0.89 0.84 0.87
Employment Rate 69.40
percent		 69.85 69.66 72.06 72.61 74.84
Full Time Employment 347.40
Thousand		 349 350 364 367 383
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 3.00
percent		 1.8 2 2.1 2.3 2.5
Harmonised Consumer Prices 102.11
Index Points		 100 100 104 104 105
Consumer Price Index CPI 102.29
Index Points		 101 101 104 104 106
GDP Deflator 102.35
Index Points		 106 107 104 104 99
Producer Prices 103.30
Index Points		 112 100 100 100 122
Inflation Rate Mom 0.40
percent		 -0.16 0.49 0.07 0.44 0.29
Cpi Housing Utilities 109.37
Index Points		 112 113 113 112 112
CPI Transportation 103.10
Index Points		 98.55 101 105 105 104
Food Inflation 2.90
percent		 1.8 2 1.7 1.9 2
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent		 0 0 0 0.25 0.75
Foreign Exchange Reserves 764.80
EUR Million		 763 762 762 762 762
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -397665.00
EUR Thousand		 -474000 -450000 -133000 -404890 -468000
Exports 263991.00
EUR Thousand		 251000 286000 458000 331537 298000
Imports 661656.00
EUR Thousand		 725000 736000 591000 736427 766000
Current Account -262.80
EUR Million		 -980 -720 15 -74.87 -700
Current Account to GDP -6.70
percent		 -4 -5 -5 -5 -4.5
Capital Flows -228.50
EUR Million		 -296 51.17 -129 -25.68 -85.6
Remittances 13.30
EUR Million		 15.18 15.19 13.68 12.39 14.11
Tourism Revenues 428200.00
EUR Thousand		 72114 92074 352373 322761 125313
Tourist Arrivals 520138.00
 188600 154000 445300 453300 141900
Gold Reserves 13.90
Tonnes		 13.9 13.9 13.9 13.9 13.9
Terrorism Index 1.89
 1.89 1.89 1.89 1.89 1.89
External Debt 101246.80
EUR Million		 101445 100536 99607 99358 98234
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 97.50
percent		 105 102 102 102 100
Government Budget 1.80
percent of GDP		 1.2 1.1 1.1 1.1 1
Government Budget Value -18.70
EUR Million		 159 272 68.5 416 352
Government Spending 791.60
EUR Million		 689 693 825 822 738
Government Spending to GDP 38.10
percent		 38.1 38.1 38.1 38.1 38.1
Government Revenues 1774.50
EUR Million		 2248 1934 1878 2172 2263
Fiscal Expenditure 1793.20
EUR Million		 2156 1662 1810 1756 1910
Military Expenditure 386.00
USD Million		 339 337 336 335 332
Asylum Applications 500.00
persons		 434 448 441 445 443
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 113.20
Index Points		 107 106 105 105 103
Industrial Production 2.50
percent		 5.1 5.5 5.2 5.3 6
Manufacturing Production 2.20
percent		 5.76 5.46 5.44 5.46 5.47
Changes in Inventories -23.60
EUR Million		 -5.88 -5.44 1.69 -3.59 -1.25
Car Registrations 4091.00
 3810 4240 3886 4249 3907
Internet Speed 6912.45
KBps		 6495 6461 6400 6378 6409
IP Addresses 368293.00
IP		 402723 407744 412780 417687 461352
Mining Production 48.00
percent		 26.82 30.22 29.43 29.64 29.54
Corruption Index 57.00
Points		 57 57 57 57 57
Corruption Rank 42.00
 42 42 42 42 42
Competitiveness Index 65.57
Points		 66.07 66.07 66.07 66.07 68.57
Competitiveness Rank 44.00
 44 44 44 44 44
Ease of Doing Business 57.00
 58 51 48 45 58
Electricity Production 476.00
Gigawatt-hour		 377 448 395 428 416
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence -5.20
Index Points		 -4.5 -2.1 -1.7 -1.5 -0.2
Retail Sales MoM -5.00
percent		 0.8 1.66 0.85 1.1 1.11
Retail Sales YoY 1.90
percent		 5.3 4.8 4.5 4.4 3.8
Consumer Spending 3351.30
EUR Million		 2937 2945 3492 3479 3143
Personal Savings -2.33
percent		 -1.26 -1.34 -1.43 -1.51 -2.54
Households Debt To Income 162.64
percent		 155 154 153 152 147
Gasoline Prices 1.51
USD/Liter		 1.41 1.33 1.26 1.17 1
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 103.98
Index Points		 105 105 105 105 106
Home Ownership Rate 70.70
percent		 71.88 71.65 71.43 71.2 71.14
Construction Output 13.10
percent		 3.2 2.9 2.8 15.57 2.7
Building Permits 415.00
 492 515 514 512 512
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 12.50
percent		 12.5 12.5 12.5 12.5 12.5
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 15.6 15.6 15.6
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 Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 28.04
celsius		 17.13 12.03 22.83 21.99 19.24



Cyprus - Economic Forecasts - 2018-2020 Outlook