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 0.80 0.7 0.5 0.8 0.8 0.4 percent
Unemployment Rate 7.70 8.2 7.7 7.4 7.2 6.2 percent
Inflation Rate 2.50 2.1 1.8 2 2.1 2.5 percent
Interest Rate 0.00 0 0 0 0 0.75 percent
Balance of Trade -436369.00 -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
 1.16 1.15 1.15 1.14 1.12
Stock Market 72.72
points		 73.64 72.89 72.16 71.43 68.59
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.80
percent		 0.7 0.5 0.8 0.8 0.4
GDP Annual Growth Rate 3.90
percent		 3.7 3.3 3.6 3.5 3.2
GDP 21.65
USD Billion		 23 23 25 25 29
GDP Constant Prices 5035.60
EUR Million		 4241 4348 4402 5212 4640
Gross National Product 19213.76
EUR Million		 18556 19848 19905 18857 21179
Gross Fixed Capital Formation 1075.00
EUR Million		 704 1465 465 1113 1563
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 85.00
EUR Million		 64.27 64.46 66.1 87.98 68.78
GDP From Construction 279.10
EUR Million		 200 212 219 289 226
GDP From Manufacturing 231.96
EUR Million		 204 212 217 240 226
GDP From Mining 333.60
EUR Million		 285 293 298 345 312
GDP From Public Administration 448.11
EUR Million		 371 382 388 464 408
GDP From Services 1094.60
EUR Million		 960 987 1002 1133 1053
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 7.70
percent		 8.2 7.7 7.4 7.2 6.2
Employed Persons 367.30
Thousand		 369 375 375 375 378
Unemployed Persons 31888.00
 30040 29259 33017 24075 18457
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 88.94
Index Points		 93.12 93.36 93.29 93.31 93.31
Job Vacancies 9472.00
 8593 8260 8635 8708 8622
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 104.60
Index Points		 110 107 105 106 107
Labor Force Participation Rate 62.00
percent		 62.24 62.28 62.45 62.47 62.62
Part Time Employment 45.50
Thousand		 41.7 43.95 44.27 42.83 43.08
Employment Change 1.00
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 2.50
percent		 2.1 1.8 2 2.1 2.5
Harmonised Consumer Prices 102.91
Index Points		 103 100 100 104 105
Consumer Price Index CPI 100.98
Index Points		 101 101 101 104 106
GDP Deflator 102.35
Index Points		 117 118 117 118 119
Producer Prices 102.40
Index Points		 101 112 100 100 122
Inflation Rate Mom 0.70
percent		 0.35 -0.08 0.31 0.18 0.27
Cpi Housing Utilities 106.13
Index Points		 107 107 107 106 106
CPI Transportation 103.85
Index Points		 98.13 98.55 101 105 104
Food Inflation 3.40
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 0.75
Foreign Exchange Reserves 742.00
EUR Million		 739 742 742 742 742
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -436369.00
EUR Thousand		 -271000 -474000 -450000 -133000 -468000
Exports 349417.00
EUR Thousand		 287000 251000 286000 458000 298000
Imports 785786.00
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 357700.00
EUR Thousand		 295854 70475 138061 334736 131482
Tourist Arrivals 539626.00
 491200 97400 154000 480200 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 791.60
EUR Million		 660 685 691 819 731
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 500.00
persons		 453 436 443 440 441
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence 109.90
Index Points		 110 107 106 105 103
Industrial Production 7.70
percent		 7.5 5.1 5.5 5.2 6
Manufacturing Production 7.70
percent		 6.98 6.67 6.6 6.61 6.62
Changes in Inventories -23.60
EUR Million		 23.84 -5.88 -5.44 1.69 -1.25
Car Registrations 3574.00
 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 19.80
percent		 7.28 8.12 7.59 8.05 8.02
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 557.00
Gigawatt-hour		 377 405 396 396 398
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Consumer Confidence -6.70
Index Points		 -6.3 -4.5 -2.1 -1.7 -0.2
Retail Sales MoM 5.90
percent		 2.5 -0.79 0.99 1.14 1.08
Retail Sales YoY 6.20
percent		 5.4 5.3 4.8 4.5 3.8
Consumer Spending 3351.30
EUR Million		 2830 2917 2937 3469 3113
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 1.55
USD/Liter		 1.58 1.49 1.41 1.33 1.05
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 70.70
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 514.00
 535 514 515 517 516
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