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 10.20 10 9.8 9.5 9.2 7.5 percent [+]
Inflation Rate 0.30 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 -700305.00 -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 69.18 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 3.90 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 4145.60 4127 4150 4169 4186 4234 EUR Million [+]
Gross National Product 17420.60 17008 16901 16793 16686 15622 EUR Million [+]
Gross Fixed Capital Formation 657.44 724 679 587 571 460 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 62.10 70.53 71.16 71.62 72.11 75.9 EUR Million [+]
GDP From Construction 203.80 179 179 180 180 184 EUR Million [+]
GDP From Manufacturing 198.91 186 187 188 189 199 EUR Million [+]
GDP From Mining 278.30 260 261 262 263 276 EUR Million [+]
GDP From Public Administration 360.18 363 365 365 366 362 EUR Million [+]
GDP From Services 940.27 934 937 938 938 919 EUR Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 10.20 10 9.8 9.5 9.2 7.5 percent [+]
Employed Persons 367.30 368 367 367 366 365 Thousand [+]
Unemployed Persons 42526.00 41218 44190 42046 43957 41577 [+]
Long Term Unemployment Rate 4.90 4.85 4.83 4.81 4.79 4.61 percent [+]
Youth Unemployment Rate 25.50 25.39 25.28 25.18 25.07 24.21 percent [+]
Labour Costs 84.18 103 91.07 90.16 84.55 98.75 Index Points [+]
Job Vacancies 5758.00 6725 6789 6842 6886 7060 [+]
Wages 1798.00 2210 1837 1806 1735 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 325.60 307 307 307 307 305 Thousand [+]
Productivity 109.10 105 102 103 106 105 Index Points [+]
Labor Force Participation Rate 61.40 61.24 61.19 61.16 61.13 60.96 percent [+]
Part Time Employment 45.10 46.56 46.45 45.9 45.8 45.28 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 0.30 0.7 1.2 1.5 1.7 2.5 percent [+]
Harmonised Consumer Prices 98.66 99.7 99.93 99.79 99.78 99.39 Index Points [+]
Consumer Price Index CPI 99.44 99.28 99.16 99.17 99.15 99.03 Index Points [+]
GDP Deflator 114.91 114 114 114 114 113 Index Points [+]
Producer Prices 99.70 106 108 108 97.39 122 Index Points [+]
CPI Transportation 96.43 95.99 96.33 96.79 96.99 96.82 Index Points [+]
Food Inflation 0.20 0.4 0.77 1.33 1.59 1.98 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 743.90 771 799 827 852 1027 EUR Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -700305.00 -276262 -265618 -260612 -257597 -237379 EUR Thousand [+]
Exports 182408.00 251206 242071 231455 221891 160073 EUR Thousand [+]
Imports 882713.00 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 13.00 12.89 12.22 11.91 10.69 11.31 EUR Million [+]
Tourism Revenues 371000.00 6601 -24063 291508 322837 101135 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 1.89 0.49 0.37 0.24 0.12 0.04 [+]
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 642.50 652 652 650 649 639 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 635.00 268 257 249 244 223 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 118.80 109 118 117 116 103 [+]
Industrial Production 5.00 4.92 4.31 3.72 3.22 1.04 percent [+]
Manufacturing Production 4.90 6.6 6.21 5.56 4.95 1.84 percent [+]
Changes in Inventories -166.20 29.27 9.87 20.15 11.11 10.71 EUR Million [+]
Car Registrations 3758.00 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 379.00 371 425 375 411 396 Gigawatt-hour [+]
Mining Production 2.10 -0.57 -0.86 -1.26 -1.6 -2.99 percent [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence 2.20 -17.5 -0.43 -1.39 -2.32 -9.06 [+]
Retail Sales MoM -1.20 1.78 1.78 0.77 1.18 1.11 percent [+]
Retail Sales YoY 7.30 5.71 4.48 3.56 2.86 0.95 percent [+]
Consumer Spending 2755.20 2768 2783 2793 2797 2766 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 1.42 1.42 1.43 1.42 1.42 1.36 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 509.00 466 492 505 510 556 [+]
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 [+]