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