Cyprus' gross domestic product shrank 4.5 percent year-on-year in the fourth quarter of 2020, following a downwardly revised 4.3 percent drop in the previous period, as preventing measures to curb the spread of Covid-19 disease were re-introduced initially at local level and eventually at national level by December, preliminary estimates showed. The negative GDP is mainly attributed to hotels and restaurants; manufacturing; transport, storage and communication; wholesale and retail trade, repair of motor vehicles; and arts, entertainment and recreation. On a quarterly basis, the economy expanded 1.4 percent, following a record 8.9 percent expansion in Q3. source: Statistical Service of the Republic of Cyprus

GDP Annual Growth Rate in Cyprus averaged 2.47 percent from 1996 until 2020, reaching an all time high of 9.10 percent in the second quarter of 2000 and a record low of -12.40 percent in the second quarter of 2020. This page provides - Cyprus GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

GDP Annual Growth Rate in Cyprus is expected to be -2.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Cyprus to stand at 3.30 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 2.80 percent in 2022, according to our econometric models.

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Cyprus GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.50 -4.30 9.10 -12.40 1996 - 2020 percent Quarterly
SA, WDA


Calendar GMT Actual Previous Consensus TEForecast
2020-08-31 09:00 AM YoY Final Q2 -11.9% 0.8% -3.8%
2020-11-13 10:00 AM YoY Flash Q3 -4.4% -12.3% -8.1%
2020-11-30 11:00 AM YoY Final Q3 -4.4% -12.3% -4.4%
2021-02-16 10:00 AM YoY Flash Q4 -4.5% -4.3% -4.9%
2021-02-26 10:00 AM YoY Final Q4 -4.3% -4.5%
2021-05-14 09:00 AM YoY Flash Q1
2021-05-28 09:00 AM YoY Final Q1
2021-08-13 09:00 AM YoY Flash Q2
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Cyprus Economy Contracts 4.5% YoY in Q4
Cyprus' gross domestic product shrank 4.5 percent year-on-year in the fourth quarter of 2020, following a downwardly revised 4.3 percent drop in the previous period, as preventing measures to curb the spread of Covid-19 disease were re-introduced initially at local level and eventually at national level by December, preliminary estimates showed. The negative GDP is mainly attributed to hotels and restaurants; manufacturing; transport, storage and communication; wholesale and retail trade, repair of motor vehicles; and arts, entertainment and recreation. On a quarterly basis, the economy expanded 1.4 percent, following a record 8.9 percent expansion in Q3.
2021-02-16
Cyprus GDP Contraction Eases in Q3
Cyprus' gross domestic product shrank 4.4 percent from a year earlier in the third quarter of 2020, easing from a historic 12.3 percent slump in the previous period, amid loosening coronavirus restrictions. The negative GDP growth rate was mainly attributed to sectors that were hit hardest by the pandemic such as hotels and restaurants, manufacturing, transport, storage & communication, wholesale & retail trade, arts, entertainment & recreation, and other service activities.
2020-11-30
Cyprus GDP Shrinks Less in Q3
Cyprus' gross domestic product shrank 4.4 percent year-on-year in the third quarter of 2020, following a revised record 12.3 percent contraction in the previous period, amid some easing of coronavirus restrictions, a preliminary estimate showed. Hotels and restaurants, manufacturing, transport, storage & communication, wholesale & retail trade, repair of motor vehicles, arts, entertainment and recreation and other service activities sectors continued to be hit by the pandemic shock. On a quarterly basis, the economy grew 9.4 percent, the most since the series began, recovering sharply from a revised record 13.1 percent decline in the previous period.
2020-11-13
Cyprus More Divided after Presidential Election
Ersin Tatar, a supporter of separate administrations on the Mediterranean island won a presidential election in northern Cyprus on Sunday against the incumbent president Mustafa Akinci, who had been a supporter of reunification. The election result may influence negotiations over hydrocarbon reserves in the easter Mediterranean, as the hardliner rightwinger is backed by Turkey. In 2019, big gas reserves were found in Cypriot waters and Turkey has been exploring it arguing that it aims to defend Turkish and Turkish-Cypriots’ rights in the eastern Mediterranean. Still, it has been facing condemnation for violating international laws by Greece, Cyprus, Israel, France and the EU. Since the Turkish invasion of 1974, Cyprus has been split between Greek Cypriots in the south and Turkish Cypriots in the north, with Turkey being the only country to recognize North Cyprus as an independent state.
2020-10-19

Cyprus GDP Annual 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. Industry accounts for only 10 percent and agriculture for 2 percent. 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.