The economy of Cyprus shrank 11.9 percent year-on-year in the second quarter of 2020, matching a preliminary estimate and after expanding 0.8 percent in the previous period. It was the sharpest contraction on record, as the COVID-19 pandemic hit the economy. The negative GDP is mainly attributed to hotels & restaurants; manufacturing; construction; transport; storage & communication; wholesale & retail trade; repair of motor vehicles; arts, entertainment & recreation; and other service activities. On a quarterly basis, the economy contracted 11.6 percent, the most since series began, after shrinking an upwardly revised 1.3 percent in the prior period.
GDP Annual Growth Rate in Cyprus averaged 2.54 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 -11.90 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 October of 2020.
GDP Annual Growth Rate in Cyprus is expected to be -8.10 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 9.50 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 3.30 percent in 2021 and 2.80 percent in 2022, according to our econometric models.