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 Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Growth Rate 0.90 0.5 0.5 0.4 0.4 0.4 percent [+]
Unemployment Rate 10.80 11.2 11 10.7 10.5 9.1 percent [+]
Inflation Rate -0.20 1.2 1.4 1.7 1.6 2.5 percent [+]
Interest Rate 0.00 0 0 0.25 0.25 0.5 percent [+]
Balance of Trade -258538.00 -314894 -299101 -288605 -283315 -248368 EUR Thousand [+]
Government Debt to GDP 107.80 107 107 105 105 100 percent [+]
MARKETS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Currency 1.19 1.19 1.18 1.16 1.15 1.02 [+]
Stock Market 73.09 76.05 75.28 74.52 73.75 65.3 points [+]
GDP Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Growth Rate 0.90 0.5 0.5 0.4 0.4 0.4 percent [+]
GDP Annual Growth Rate 3.50 3.6 3.3 3.2 3 2.2 percent [+]
GDP 19.80 19.75 20.58 19.69 19.19 29.85 USD Billion [+]
GDP Constant Prices 4071.90 4100 4127 4150 4169 4234 EUR Million [+]
Gross National Product 17420.60 17198 17252 17196 17140 16958 EUR Million [+]
Gross Fixed Capital Formation 704.00 598 724 679 587 460 EUR Million [+]
GDP per capita 28325.44 28490 28761 28854 28946 29654 USD [+]
GDP per capita PPP 31195.51 31668 32058 32278 32498 34056 USD [+]
GDP From Agriculture 69.70 70.11 70.53 71.16 71.62 75.9 EUR Million [+]
GDP From Construction 177.60 178 179 179 180 184 EUR Million [+]
GDP From Manufacturing 184.12 186 186 187 188 199 EUR Million [+]
GDP From Mining 258.20 260 260 261 262 276 EUR Million [+]
GDP From Public Administration 358.70 361 363 365 365 362 EUR Million [+]
GDP From Services 926.03 931 934 937 938 919 EUR Million [+]
LABOUR Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 10.80 11.2 11 10.7 10.5 9.1 percent [+]
Employed Persons 367.30 368 373 373 373 377 Thousand [+]
Unemployed Persons 57420.00 55831 54506 56519 53427 54235 [+]
Long Term Unemployment Rate 5.30 4.93 4.71 4.58 4.44 3.79 percent [+]
Youth Unemployment Rate 20.40 18.13 16.91 16.25 15.89 15.48 percent [+]
Labour Costs 89.52 93.38 93.64 93.57 93.59 93.59 Index Points [+]
Job Vacancies 5758.00 5138 5131 5137 5139 5137 [+]
Wages 1825.00 1825 2210 1825 2004 2390 EUR/Month [+]
Population 0.85 0.85 0.85 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 0.85 0.81 0.81 0.84 0.82 percent [+]
Employment Rate 63.30 63.3 63.91 63.3 63.9 63.88 percent [+]
Full Time Employment 308.00 308 308 308 308 308 Thousand [+]
Labor Force Participation Rate 61.50 61.7 61.74 61.67 61.73 61.72 percent [+]
Productivity 103.40 107 105 102 103 105 Index Points [+]
Part Time Employment 48.60 48.38 50.8 48.79 49.23 50 Thousand [+]
Wage Growth 0.50 0.28 0.65 0.2 0.12 0.07 percent [+]
PRICES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Inflation Rate -0.20 1.2 1.4 1.7 1.6 2.5 percent [+]
Harmonised Consumer Prices 101.22 99.93 99.99 99.99 99.97 99.98 Index Points [+]
Consumer Price Index CPI 98.48 98.86 98.77 98.8 98.77 98.64 Index Points [+]
GDP Deflator 114.37 114 114 114 114 113 Index Points [+]
Producer Prices 101.50 104 106 108 108 122 Index Points [+]
CPI Transportation 97.51 97.81 97.86 97.26 96.86 97.04 Index Points [+]
Food Inflation -3.41 -1.57 0.25 0.92 1.37 2 percent [+]
MONEY Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Interest Rate 0.00 0 0 0.25 0.25 0.5 percent [+]
Money Supply M1 4429.00 8690 8773 8855 8936 9686 EUR Thousand [+]
Money Supply M2 18440158.00 37299129 37635812 37966940 38292605 41267887 EUR Thousand [+]
Money Supply M3 23374.00 55501 56192 56876 57555 64029 EUR Thousand [+]
Foreign Exchange Reserves 749.70 752 753 753 753 753 EUR Million [+]
TRADE Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Balance of Trade -258538.00 -314894 -299101 -288605 -283315 -248368 EUR Thousand [+]
Exports 305690.00 269091 261845 250882 240188 166215 EUR Thousand [+]
Imports 564228.00 589784 570804 560247 551917 481685 EUR Thousand [+]
Current Account -721.10 120 -890 -708 -579 -712 EUR Million [+]
Current Account to GDP -5.30 -4.4 -4.4 -4 -4 -3.6 percent [+]
Capital Flows -349.30 -138 -228 -176 -147 -110 EUR Million [+]
Remittances 14.80 10.27 13.66 12.53 12.42 12.54 EUR Million [+]
Tourism Revenues 347200.00 264297 43287 133126 323562 112905 EUR Thousand [+]
Tourist Arrivals 531030.00 364570 50663 178061 454850 148242 [+]
Gold Reserves 13.90 13.9 13.9 13.9 13.9 13.9 Tonnes [+]
External Debt 108321.96 107814 107459 107560 107542 107577 EUR Million [+]
Terrorism Index 2.04 1.46 1.39 1.05 0.72 0.34 [+]
GOVERNMENT Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Government Debt to GDP 107.80 107 107 105 105 100 percent [+]
Government Budget 0.40 1 1 0.6 0.6 0.6 percent of GDP [+]
Government Budget Value -138.40 25.63 -96.15 16.32 -110 -103 EUR Million [+]
Government Spending 662.80 651 652 652 650 639 EUR Million [+]
Government Spending to GDP 38.90 41.85 42.15 41.78 41.42 40.63 percent [+]
Government Revenues 1633.00 1822 2010 1750 1661 1872 EUR Million [+]
Fiscal Expenditure 1771.40 1675 1994 1624 1748 1769 EUR Million [+]
Asylum Applications 265.00 296 299 296 297 297 persons [+]
Military Expenditure 351.60 351 358 354 349 333 USD Million [+]
BUSINESS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Business Confidence 110.70 113 109 112 112 103 [+]
Industrial Production 0.60 1.57 2.13 2.26 2.25 2.24 percent [+]
Manufacturing Production 4.70 4.82 5.23 5.34 5.35 5.35 percent [+]
Changes in Inventories -81.10 18.57 29.27 9.87 20.15 10.71 EUR Million [+]
Car Registrations 3137.00 3451 3370 3347 3314 3187 Cars [+]
Corruption Index 55.00 57 56 57 58 61 Points [+]
Corruption Rank 47.00 40 42 40 37 28 [+]
Competitiveness Index 4.04 4.23 4.23 4.12 4.08 4.3 Points [+]
Competitiveness Rank 83.00 67 67 82 87 93 [+]
Ease of Doing Business 45.00 43 43 47 51 48 [+]
Electricity Production 582.00 386 384 394 383 388 Gigawatt-hour [+]
Mining Production 5.50 21.52 21.78 22.15 21.73 21.73 percent [+]
CONSUMER Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Consumer Confidence -1.50 -1.37 -17.5 -1.25 -1.25 -1.25 [+]
Retail Sales MoM 5.80 3.3 -0.77 0.92 1.05 1 percent [+]
Retail Sales YoY 6.40 7.53 6.91 7.21 7.06 7.11 percent [+]
Consumer Spending 2720.80 2742 2751 2763 2769 2733 EUR Million [+]
Personal Savings -5.74 -4.43 -3.56 -3.29 -3.03 -3.75 percent [+]
Gasoline Prices 1.38 1.39 1.41 1.41 1.41 1.42 USD/Liter [+]
Households Debt To Income 196.56 201 199 200 201 206 percent [+]
HOUSING Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Housing Index 101.32 103 103 103 103 104 Index Points [+]
Construction Output 36.50 4.8 3.2 3 2.9 2.7 percent [+]
Building Permits 502.00 505 503 517 525 569 [+]
Home Ownership Rate 73.00 73.68 73.66 73.54 73.42 73.46 percent [+]
TAXES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Corporate Tax Rate 12.50 12.43 12.43 12.51 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 19.07 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 [+]