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.

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Cyprus GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-11.90 0.80 9.10 -11.90 1996 - 2020 percent Quarterly
SA, WDA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-15 09:00 AM YoY Flash Q1 0.8% 3.2% -1.2%
2020-05-29 09:00 AM YoY Final Q1 0.8% 3.2% 0.8%
2020-08-14 09:00 AM YoY Flash Q2 -11.9 0.8% -3.8%
2020-08-31 09:00 AM YoY Final Q2 -11.9% 0.8% -3.8%
2020-11-13 10:00 AM YoY Flash Q3 -11.9% -8.1%
2020-11-30 10:00 AM YoY Final Q3 -11.9% -8.1%
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News Stream
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 Economy Contracts at Record Pace
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.
2020-08-31
Cyprus Q1 GDP Growth Confirmed at Over 5-Year Low
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.
2020-05-29
Cyprus GDP Annual Growth Slows to 5-Year Low
Cyprus' gross domestic product growth slowed to 0.8 percent year-on-year in the first quarter of 2020, the weakest rate since a contraction in 2014, following the implementation of lockdown measures to halt the spread of the coronavirus pandemic, a preliminary estimate showed. Hotels and restaurants, manufacturing, arts, entertainment and recreation, other service activities and construction sectors were the hardest hit. On a quarterly basis, the economy contracted 1.3 percent.
2020-05-15

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.