The current account deficit in Cyprus narrowed to EUR 182 million in the second quarter of 2020 from EUR 307.9 million a year earlier, mainly due to a big fall in the goods deficit (EUR -655.5 million vs EUR -1282.2 million) as the coronavirus restrictions restricted both exports and imports. The services surplus also shrank markedly (EUR 727.5 million vs EUR 1324.6 million), mainly due to travel. Meanwhile, the primary income gap decreased to EUR 145.4 million from EUR -275.9 million while the secondary income shortfall increased to EUR 108.6 million from EUR 74.4 million.

Current Account in Cyprus averaged -244.88 EUR Million from 2001 until 2020, reaching an all time high of 395.30 EUR Million in the third quarter of 2006 and a record low of -1541.40 EUR Million in the fourth quarter of 2007. This page provides - Cyprus Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus Current Account - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Central Bank of Cyprus

Current Account in Cyprus is expected to be -920.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Cyprus to stand at -920.00 in 12 months time. In the long-term, the Cyprus Current Account is projected to trend around -870.00 EUR Million in 2021, according to our econometric models.

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Cyprus Current Account

Actual Previous Highest Lowest Dates Unit Frequency
-182.00 -709.90 395.30 -1541.40 2001 - 2020 EUR Million Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-12-30 10:00 AM Q3 €-11.9M €-203.6M €50M
2020-03-31 10:30 AM Q4 €-509.9M €-38M € -980M
2020-06-30 11:30 AM Q1 €-928.1M €-509.9M € -360M
2020-10-05 10:00 AM Q2 €-182M €-710M €-230M
2020-12-31 10:00 AM Q3 €-182M


News Stream
Cyprus Current Account Gap Narrows in Q2
The current account deficit in Cyprus narrowed to EUR 182 million in the second quarter of 2020 from EUR 307.9 million a year earlier, mainly due to a big fall in the goods deficit (EUR -655.5 million vs EUR -1282.2 million) as the coronavirus restrictions restricted both exports and imports. The services surplus also shrank markedly (EUR 727.5 million vs EUR 1324.6 million), mainly due to travel. Meanwhile, the primary income gap decreased to EUR 145.4 million from EUR -275.9 million while the secondary income shortfall increased to EUR 108.6 million from EUR 74.4 million.
2020-10-05
Cyprus Posts Largest Current Account Gap in Over 11 Years
The current account deficit in Cyprus widened to EUR 928.1 million in the first quarter of 2020 from EUR 639.4 million in the same period of the previous year. It was the largest current account gap since the last quarter of 2008, as the goods shortfall increased to EUR 1201 million from EUR 901.7 million. In addition, the services surplus narrowed to EUR 445.2 million from EUR 507.4 million a year earlier and the secondary income deficit rose to EUR 101.6 million from EUR 50.7 million a year earlier. On the other hand, the primary income shortfall declined to EUR 70.8 million from EUR 194.3 million.
2020-06-30
Cyprus Current Account Gap Narrows in Q4
The current account deficit in Cyprus narrowed to EUR 509.9 million in the last quarter of 2019 from EUR 816.5 million in the same period of the previous year. The goods gap decreased to EUR 1236.1 million from EUR 1759.2 million a year earlier and the services surplus widened to EUR 1201 million from EUR 1170.4 million. Additionally, the secondary income shortfall went down to EUR 69.8 million from EUR 87 million. In contrast, the primary income deficit increased o EUR 405 million from EUR 140.6 million in Q4 2018. Considering full 2019, the current account gap rose to EUR 1473.6 million from EUR 931.1 million in 2018.
2020-03-31
Cyprus Current Account Gap Falls in Q3
The current account deficit in Cyprus narrowed to EUR 11.9 million in the third quarter of 2019 from EUR 37.6 million in the same period a year earlier. The services surplus increased to EUR 1,562 million from EUR 1,467 million a year ago and the primary income shortfall fell slightly to EUR 223 million from EUR 225 million. In contrast, the goods gap increased to EUR 1,274 million from EUR 1,216 million and the secondary income deficit widened to EUR 77.3 million from EUR 63.9 million.
2019-12-30

Cyprus Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).