The Gross Domestic Product (GDP) in Cyprus expanded 0.80 percent in the fourth quarter of 2019 over the previous quarter. Cyprus GDP Growth Rate - data, historical chart, and calendar of releases - was last updated on February of 2020 from its official source.

GDP Growth Rate in Cyprus averaged 0.62 percent from 1995 until 2019, reaching an all time high of 2.50 percent in the first quarter of 2016 and a record low of -2.40 percent in the first quarter of 2013. This page provides - Cyprus GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Growth Rate in Cyprus is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Cyprus to stand at 0.40 in 12 months time. In the long-term, the Cyprus GDP Growth Rate is projected to trend around 0.40 percent in 2021, according to our econometric models.

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Cyprus GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.80 0.50 2.50 -2.40 1995 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-09-06 09:00 AM QoQ Final Q2 0.8% 0.6% 0.7%
2019-11-14 10:00 AM QoQ Flash Q3 0.7% 0.7% 1%
2019-12-09 10:00 AM QoQ Final Q3 0.4% 1% 0.7%
2020-02-14 10:00 AM QoQ Flash Q4 0.8% 0.5% 0.8%
2020-02-28 10:00 AM QoQ Final Q4 0.5% 0.8%
2020-05-15 09:00 AM QoQ Flash Q1
2020-05-29 09:00 AM QoQ Final Q1
2020-08-14 09:00 AM QoQ Flash Q2 0.6%

Cyprus GDP Growth Rate
Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by government expenditure (16 percent) and gross fixed capital formation (11 percent). Exports of goods and services account for 55 percent of GDP while imports account for 53 percent, adding 2 percent of total GDP.