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 Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.90 0.7 0.7 0.5 0.6 0.4 percent [+]
Unemployment Rate 10.30 10 9.8 9.5 9.2 7.5 percent [+]
Inflation Rate 0.10 0.7 1.2 1.5 1.7 2.5 percent [+]
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Balance of Trade -272169.00 -276262 -265618 -260612 -257597 -237379 EUR Thousand [+]
Government Debt to GDP 107.80 107 105 105 105 100 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.17 1.16 1.15 1.13 1.12 0.99 [+]
Stock Market 71.64 72.02 71.3 70.57 69.84 61.84 points [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.90 0.7 0.7 0.5 0.6 0.4 percent [+]
GDP Annual Growth Rate 3.80 3.3 3.2 3 2.7 2.2 percent [+]
GDP 19.80 20.58 18.72 18.05 17.37 29.85 USD Billion [+]
GDP Constant Prices 4071.90 4127 4150 4169 4186 4234 EUR Million [+]
Gross National Product 17420.60 17008 16901 16793 16686 15622 EUR Million [+]
Gross Fixed Capital Formation 704.00 724 679 587 571 460 EUR Million [+]
GDP per capita 28325.44 28760 29130 29130 29130 29650 USD [+]
GDP per capita PPP 31195.51 31444 31494 31543 31592 31840 USD [+]
GDP From Agriculture 69.70 70.53 71.16 71.62 72.11 75.9 EUR Million [+]
GDP From Construction 177.60 179 179 180 180 184 EUR Million [+]
GDP From Manufacturing 184.12 186 187 188 189 199 EUR Million [+]
GDP From Mining 258.20 260 261 262 263 276 EUR Million [+]
GDP From Public Administration 358.70 363 365 365 366 362 EUR Million [+]
GDP From Services 926.03 934 937 938 938 919 EUR Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 10.30 10 9.8 9.5 9.2 7.5 percent [+]
Employed Persons 367.30 368 367 367 366 365 Thousand [+]
Unemployed Persons 44965.00 41218 44190 42046 43957 41577 [+]
Long Term Unemployment Rate 5.30 5.23 5.21 5.19 5.16 4.98 percent [+]
Youth Unemployment Rate 25.50 25.39 25.28 25.18 25.07 24.21 percent [+]
Labour Costs 89.52 103 91.07 90.16 84.55 98.75 Index Points [+]
Job Vacancies 5758.00 6725 6789 6842 6886 7060 [+]
Wages 1825.00 2210 1836 1792 1722 2390 EUR/Month [+]
Population 0.85 0.85 0.86 0.86 0.86 0.87 Million [+]
Retirement Age Women 65.00 65 65 65 65 65 [+]
Retirement Age Men 65.00 65 65 65 65 65 [+]
Employment Change 0.60 0.47 0.53 0.52 0.47 0.38 percent [+]
Employment Rate 65.60 65.77 65.25 65.47 65.32 65.67 percent [+]
Full Time Employment 308.00 307 307 307 307 305 Thousand [+]
Productivity 103.40 105 102 103 106 105 Index Points [+]
Labor Force Participation Rate 61.50 61.24 61.2 61.16 61.13 60.97 percent [+]
Part Time Employment 48.60 48.49 48.21 47.95 47.94 47.34 Thousand [+]
Wage Growth 0.30 0.74 0.9 1.05 1.28 1.95 percent [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 0.10 0.7 1.2 1.5 1.7 2.5 percent [+]
Harmonised Consumer Prices 99.84 99.7 99.93 99.79 99.78 99.39 Index Points [+]
Consumer Price Index CPI 99.34 99.11 99.06 99.04 99.03 98.91 Index Points [+]
GDP Deflator 114.37 114 114 114 114 113 Index Points [+]
Producer Prices 100.00 106 108 108 97.58 122 Index Points [+]
CPI Transportation 96.83 97.48 97.43 97.06 96.86 96.98 Index Points [+]
Food Inflation -2.82 -0.15 0.55 1.16 1.48 1.95 percent [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Foreign Exchange Reserves 751.20 771 799 827 852 1027 EUR Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -272169.00 -276262 -265618 -260612 -257597 -237379 EUR Thousand [+]
Exports 261124.00 251206 242071 231455 221891 160073 EUR Thousand [+]
Imports 533293.00 544197 535257 526824 519150 461426 EUR Thousand [+]
Current Account -7.40 -755 -635 -47.04 129 -450 EUR Million [+]
Current Account to GDP -5.30 -4.4 -4 -4 -4 -3.6 percent [+]
Capital Flows 60.20 -181 -106 -35.46 -86.87 -62.66 EUR Million [+]
Remittances 14.80 12.89 12.22 11.91 10.69 11.31 EUR Million [+]
Tourism Revenues 423600.00 -22385 1568 316553 296985 78873 EUR Thousand [+]
Tourist Arrivals 406870.00 31200 -53600 306300 412700 206900 [+]
Gold Reserves 13.90 13.91 13.92 13.93 13.94 14 Tonnes [+]
External Debt 108844.43 100732 96819 93301 90634 87488 EUR Million [+]
Terrorism Index 2.04 1.39 1.05 0.72 0.39 0.34 [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 107.80 107 105 105 105 100 percent [+]
Government Budget 0.40 1 1.2 1.2 1.2 1 percent of GDP [+]
Government Budget Value -138.40 -96.15 16.32 -110 -46.92 -103 EUR Million [+]
Government Spending 662.80 652 652 650 649 639 EUR Million [+]
Government Spending to GDP 38.90 41.38 41.02 40.67 40.31 39.73 percent [+]
Government Revenues 2023.20 2010 1750 1661 1820 1872 EUR Million [+]
Fiscal Expenditure 1656.50 1994 1624 1748 1699 1769 EUR Million [+]
Asylum Applications 265.00 268 257 249 244 223 persons [+]
Military Expenditure 351.60 383 385 388 391 402 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 117.90 109 115 114 114 103 [+]
Industrial Production 4.80 3.94 3.4 2.91 2.49 0.73 percent [+]
Manufacturing Production 11.10 8.31 7.51 6.74 6.04 2.41 percent [+]
Changes in Inventories -81.10 29.27 9.87 20.15 11.11 10.71 EUR Million [+]
Car Registrations 3836.00 3646 3585 3512 3453 3221 Cars [+]
Internet Speed 6912.45 6585 6488 6410 6355 5835 KBps [+]
IP Addresses 368293.00 367625 365029 364786 363813 350044 IP [+]
Corruption Index 55.00 56 57 58 58 61 Points [+]
Corruption Rank 47.00 42 40 37 35 28 [+]
Competitiveness Index 4.30 4.19 4.19 4.19 4.19 4.41 Points [+]
Competitiveness Rank 64.00 74 74 74 74 55 [+]
Ease of Doing Business 53.00 47 47 48 48 47 [+]
Electricity Production 471.00 371 425 375 411 396 Gigawatt-hour [+]
Mining Production -4.30 -0.24 -0.56 -1 -1.36 -2.88 percent [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence -0.90 -17.5 -2.97 -3.97 -4.91 -11.5 [+]
Retail Sales MoM -5.00 1.67 1.68 0.79 1.16 1.11 percent [+]
Retail Sales YoY 6.80 4.63 3.65 2.91 2.35 0.84 percent [+]
Consumer Spending 2720.80 2751 2763 2769 2771 2733 EUR Million [+]
Personal Savings -5.74 -1.89 -1.03 -0.18 0.67 4.35 percent [+]
Households Debt To Income 196.56 194 193 192 191 165 percent [+]
Gasoline Prices 1.36 1.34 1.33 1.33 1.32 1.28 USD/Liter [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Housing Index 102.74 104 105 106 106 107 Index Points [+]
Home Ownership Rate 73.00 74.28 73.93 73.58 73.23 73.39 percent [+]
Construction Output 32.60 3.2 3 2.9 20.52 2.7 percent [+]
Building Permits 410.00 466 492 505 510 556 [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 12.50 13 13 13 13 14 percent [+]
Personal Income Tax Rate 35.00 35 35 35 35 35 percent [+]
Sales Tax Rate 19.00 19 19 19 19 18 percent [+]
Social Security Rate 19.30 18.69 18.58 18.47 18.36 17.65 percent [+]
Social Security Rate For Companies 11.50 11.19 11.14 11.08 11.03 10.67 percent [+]
Social Security Rate For Employees 7.80 7.49 7.44 7.38 7.33 6.97 percent [+]