Cyprus posted a current account gap of EUR 262.8 million in the second quarter of 2018, swinging from a EUR 69 million surplus in the corresponding period of the previous year. The goods shortfall widened to EUR 1257.5 million from EUR 852.6 million and the primary income deficit went up to EUR 126.8 million from EUR 118.1 million in Q2 2017. Contrarily, the services surplus widened to EUR 1240.1 million from a EUR 1164.6 million a year earlier, mostly due to telecommunications, computer & information services and construction and the secondary income gap narrowed to EUR 118.6 million from EUR 124.9 million. Current Account in Cyprus averaged -267.34 EUR Million from 2001 until 2018, 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.
Current Account in Cyprus is expected to be -980.00 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 -74.87 in 12 months time. In the long-term, the Cyprus Current Account is projected to trend around -700.00 EUR Million in 2020, according to our econometric models.