The economy of Cyprus grew 0.8 percent year-on-year in the first quarter of 2020, matching a preliminary estimate and slowing from a 3.2 percent expansion in the previous period. It was the weakest growth rate since Q4 2014 where the economy shrank 1.1 percent, as the coronavirus pandemic started to hit the economy. The deceleration in the GDP growth was mainly due to hotels & restaurants; manufacturing; arts, entertainment & recreation; other service activities; and construction. On a quarterly basis, the economy shrank 1.3 percent, the first contraction since 2014 and the sharpest since Q2 2013, after growing 1 percent in the prior period.
GDP Annual Growth Rate in Cyprus averaged 2.69 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 -7.50 percent in the second quarter of 2013. 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 July of 2020.
GDP Annual Growth Rate in Cyprus is expected to be -3.80 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 0.50 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 1.50 percent in 2021 and 2.80 percent in 2022, according to our econometric models.