Cyprus | Economic Forecasts | 2017-2020 Outlook

This page has economic forecasts for Cyprus including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Cyprus economy.


Overview Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.60 0.6 0.5 0.5 0.4 0.4 percent [+]
Unemployment Rate 12.50 11.4 11.2 11 10.7 9.1 percent [+]
Inflation Rate 2.00 2.2 2.7 2.9 2.6 2.5 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade -461100.00 -434037 -426906 -425469 -424953 -424973 EUR Thousand [+]
Government Debt to GDP 107.80 101 101 101 112 92.3 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.12 1.06 1.05 1.04 1.03 0.86 [+]
Stock Market 77.42 67.4 66.72 64.68 65.36 54.46 points [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.60 0.6 0.5 0.5 0.4 0.4 percent [+]
GDP Annual Growth Rate 3.30 2.4 2.3 2.5 2.4 2.2 percent [+]
GDP 19.60 19.96 18.93 20.58 18.03 29.85 USD Billion [+]
GDP Constant Prices 3993.60 4064 4093 4118 4141 4278 EUR Million [+]
Gross National Product 17420.60 17145 17198 17252 17196 16958 EUR Million [+]
Gross Fixed Capital Formation 868.20 642 822 651 693 700 EUR Million [+]
GDP per capita 27587.30 26962 27216 27470 27459 27523 USD [+]
GDP per capita PPP 30382.69 29408 29603 29798 29705 28958 USD [+]
GDP From Agriculture 70.10 70.45 70.22 70.47 70.32 70.4 EUR Million [+]
GDP From Construction 163.50 192 194 206 207 227 EUR Million [+]
GDP From Manufacturing 181.31 177 180 177 178 177 EUR Million [+]
GDP From Mining 255.90 245 246 246 243 243 EUR Million [+]
GDP From Public Administration 353.55 371 380 382 388 401 EUR Million [+]
GDP From Services 907.46 843 861 838 837 833 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 12.50 11.4 11.2 11 10.7 9.1 percent [+]
Employed Persons 360.70 356 355 354 353 348 Thousand [+]
Unemployed Persons 55516.00 56452 60170 58321 62279 60566 [+]
Long Term Unemployment Rate 5.80 5.97 6.06 6.15 6.24 6.56 percent [+]
Youth Unemployment Rate 30.30 30.3 30.3 30.3 30.3 30.3 percent [+]
Labour Costs 105.11 94.4 93.42 93.67 93.61 93.62 Index Points [+]
Job Vacancies 5758.00 5167 5138 5131 5137 5137 [+]
Wages 2176.00 1890 2001 2210 2001 2390 EUR/Month [+]
Population 0.85 0.84 0.84 0.84 0.84 0.83 Million [+]
Retirement Age Women 65.00 65 65 65 65 65 [+]
Retirement Age Men 65.00 65 65 65 65 65 [+]
Employment Change 0.90 0.88 0.87 0.87 0.87 0.87 percent [+]
Employment Rate 63.90 63.89 63.28 63.89 63.28 63.86 percent [+]
Full Time Employment 314.80 315 315 315 315 315 Thousand [+]
Labor Force Participation Rate 62.90 63.32 63.31 63.28 63.23 63.17 percent [+]
Productivity 104.10 103 107 104 102 104 Index Points [+]
Part Time Employment 51.10 51.39 50.65 52.86 52.49 53.76 Thousand [+]
Wage Growth 0.40 0.51 0.53 0.24 0.19 0.09 percent [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 2.00 2.2 2.7 2.9 2.6 2.5 percent [+]
Harmonised Consumer Prices 99.78 99.63 99.09 99.39 99.24 99.29 Index Points [+]
Consumer Price Index CPI 100.01 99.74 99.59 99.69 99.63 99.65 Index Points [+]
GDP Deflator 113.76 113 113 113 113 111 Index Points [+]
Producer Prices 100.60 102 104 106 108 122 Index Points [+]
Cpi Transportation 97.63 99.31 99.8 100 100 100 Index Points [+]
Food Inflation 3.13 0.91 2.27 2.01 1.94 2 percent [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Money Supply M1 4429.00 8606 8690 8773 8855 9686 EUR Thousand [+]
Money Supply M2 18440158.00 36956798 37299129 37635812 37966940 41267887 EUR Thousand [+]
Money Supply M3 23374.00 54804 55501 56192 56876 64029 EUR Thousand [+]
Foreign Exchange Reserves 801.30 797 799 799 799 799 EUR Million [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -461100.00 -434037 -426906 -425469 -424953 -424973 EUR Thousand [+]
Exports 228617.00 210818 207640 208579 208313 208345 EUR Thousand [+]
Imports 689717.00 636996 630273 630250 630012 630083 EUR Thousand [+]
Current Account -944.70 -460 245 -831 -80.71 -586 EUR Million [+]
Current Account to GDP -4.80 -4.2 -4.89 -4.86 -4.89 -2.1 percent [+]
Capital Flows -492.60 -275 -112 -184 -81.18 -85.55 EUR Million [+]
Remittances 14.80 12.3 10.27 13.66 12.53 12.54 EUR Million [+]
Tourism Revenues 46600.00 314957 243433 71943 144923 129464 EUR Thousand [+]
Tourist Arrivals 286331.00 425652 318334 89751 198675 171022 [+]
Gold Reserves 13.90 13.9 13.9 13.9 13.9 13.9 Tonnes [+]
External Debt 106911.96 106885 106597 106230 106439 106406 EUR Million [+]
Terrorism Index 2.04 1.54 1.46 1.39 1.05 0.34 [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 107.80 101 101 101 112 92.3 percent [+]
Government Budget 0.40 1 1 1 0.6 0.6 percent of GDP [+]
Government Budget Value 88.40 -55.93 51.25 -44.19 71.59 -24.57 EUR Million [+]
Government Spending 630.80 632 630 632 631 631 EUR Million [+]
Government Spending to GDP 38.90 41.55 41.85 42.15 41.78 40.63 percent [+]
Government Revenues 1716.10 1535 1846 2076 1746 2010 EUR Million [+]
Fiscal Expenditure 1515.20 1645 1600 2148 1520 2064 EUR Million [+]
Asylum Applications 250.00 281 273 276 275 275 persons [+]
Military Expenditure 427.40 435 441 447 447 399 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 115.50 110 116 109 116 103 [+]
Industrial Production 4.90 7.48 7.19 7.1 7.1 7.11 percent [+]
Manufacturing Production 2.90 5.58 5.34 5.27 5.27 5.27 percent [+]
Changes in Inventories 146.40 -2.62 7.42 12.76 22.35 23.8 EUR Million [+]
Car Registrations 3352.00 3421 3714 3361 3701 3384 Cars [+]
Corruption Index 55.00 57 57 56 57 61 Points [+]
Corruption Rank 47.00 38 40 42 40 28 [+]
Competitiveness Index 4.04 4.23 4.23 4.23 4.08 4.3 Points [+]
Competitiveness Rank 83.00 67 67 67 87 93 [+]
Ease of Doing Business 45.00 42 43 43 47 48 [+]
Electricity Production 356.00 407 381 391 388 389 Gigawatt-hour [+]
Mining Production 37.10 39.78 38.19 36.85 35.39 35.6 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence -3.20 -11.5 -2.73 -17.5 -2.75 -2.75 [+]
Retail Sales MoM 10.40 -5.79 1.71 0.49 0.83 0.94 percent [+]
Retail Sales YoY 2.70 0.28 2.19 1.03 1.69 1.45 percent [+]
Consumer Spending 2655.40 2667 2663 2664 2660 2656 EUR Million [+]
Personal Savings -5.74 -5.3 -4.43 -3.56 -3.29 -3.75 percent [+]
Gasoline Prices 1.29 1.29 1.3 1.3 1.3 1.3 USD/Liter [+]
Households Debt To Income 196.56 203 201 199 200 206 percent [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 90.50 91.15 91.44 92.49 92.76 94.95 Index Points [+]
Construction Output 17.90 5.1 4.8 3.2 3 2.7 percent [+]
Building Permits 444.00 459 462 463 463 463 [+]
Home Ownership Rate 73.00 73.7 73.68 73.66 73.54 73.46 percent [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 12.50 12.43 12.43 12.43 12.54 12.55 percent [+]
Personal Income Tax Rate 35.00 35 35 35 35 35 percent [+]
Sales Tax Rate 19.00 18.99 18.99 18.99 19.1 19.13 percent [+]
Social Security Rate 19.30 19.3 19.3 19.3 19.3 19.3 percent [+]
Social Security Rate For Companies 11.50 11.5 11.5 11.5 11.5 11.5 percent [+]
Social Security Rate For Employees 7.80 7.8 7.8 7.8 7.8 7.8 percent [+]