Cyprus - Economic Forecasts - 2018-2020 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 Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 0.80 0.5 0.6 0.5 0.8 0.4 percent
Unemployment Rate 9.10 8.6 8.2 7.7 7.4 6.2 percent
Inflation Rate -0.10 -0.2 1.5 1.8 2 2.5 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade 164786.00 -133000 -271000 -474000 -450000 -468000 EUR Thousand
Government Debt to GDP 97.50 105 105 105 102 100 percent
MARKETS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Currency 1.17
1.21 1.19 1.17 1.15 1.08
Stock Market 66.26
points
64.94 63.2 61.51 59.86 53.69
GDP Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 0.80
percent
0.5 0.6 0.5 0.8 0.4
GDP Annual Growth Rate 3.80
percent
3 2.7 2.5 3.8 2.2
GDP 20.05
USD Billion
19.9 20.6 23.45 25.24 29.85
GDP Constant Prices 4207.70
EUR Million
4187 4214 4313 4247 4514
Gross National Product 19213.76
EUR Million
18492 18465 19694 18911 20610
Gross Fixed Capital Formation 1416.20
EUR Million
722 699 1452 967 1519
GDP per capita 28325.44
USD
29130 29130 29130 29430 29650
GDP per capita PPP 31195.51
USD
31277 31668 32058 34056 34331
GDP From Agriculture 62.30
EUR Million
63.84 63.95 63.86 63.94 66.83
GDP From Construction 202.40
EUR Million
193 194 207 197 217
GDP From Manufacturing 204.67
EUR Million
197 203 210 201 220
GDP From Mining 283.30
EUR Million
277 283 290 285 304
GDP From Public Administration 370.71
EUR Million
363 369 380 368 398
GDP From Services 951.95
EUR Million
948 954 976 955 1021
LABOUR Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 9.10
percent
8.6 8.2 7.7 7.4 6.2
Employed Persons 367.30
Thousand
358 363 367 366 357
Unemployed Persons 43113.00
40103 39865 39096 41849 37047
Long Term Unemployment Rate 3.40
percent
4.23 4.21 4.2 4.18 3.98
Youth Unemployment Rate 22.80
percent
22.21 22.11 22.06 22.04 22.02
Labour Costs 104.33
Index Points
90.2 84.33 103 91.57 98.42
Wages 2169.00
EUR/Month
1800 1750 2156 1834 2170
Population 0.85
Million
0.86 0.86 0.86 0.85 0.87
Retirement Age Women 65.00
65 65 65 65 65
Retirement Age Men 65.00
65 65 65 65 65
Wage Growth 1.00
percent
0.65 0.91 0.52 0.5 0.48
Productivity 106.00
Index Points
105 110 107 104 107
Part Time Employment 45.20
Thousand
45.19 42.05 45.19 42.05 45.18
Labor Force Participation Rate 61.50
percent
61.38 61.33 61.29 61.26 61.03
Employment Change 0.70
percent
0.74 1.32 0.78 1.28 0.94
Employment Rate 66.00
percent
66.37 66.27 66.36 66.39 66.46
Full Time Employment 329.20
Thousand
329 328 328 327 323
PRICES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Inflation Rate -0.10
percent
-0.2 1.5 1.8 2 2.5
Harmonised Consumer Prices 99.51
Index Points
101 102 100 99.53 105
Consumer Price Index CPI 99.87
Index Points
100 100 101 102 106
GDP Deflator 116.64
Index Points
117 117 117 117 117
Producer Prices 97.40
Index Points
108 101 112 100 122
CPI Transportation 99.36
Index Points
96.74 97.55 98.55 101 104
Food Inflation -0.20
percent
0.5 1.5 1.8 2 2
MONEY Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Foreign Exchange Reserves 748.30
EUR Million
775 779 770 767 770
TRADE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Balance of Trade 164786.00
EUR Thousand
-133000 -271000 -474000 -450000 -468000
Exports 870256.00
EUR Thousand
436000 287000 251000 286000 298000
Imports 705470.00
EUR Thousand
569000 558000 725000 736000 766000
Current Account -1093.70
EUR Million
-34.46 153 -970 -639 -719
Current Account to GDP -6.70
percent
-4 -4 -4 -3.8 -3.6
Capital Flows -825.30
EUR Million
70.87 98.51 -252 -15.78 -45.67
Remittances 16.30
EUR Million
12.76 10.46 12.85 12.5 12.33
Tourism Revenues 52700.00
EUR Thousand
263928 289717 72972 46552 130305
Tourist Arrivals 314143.00
481000 491200 122000 154000 141900
Gold Reserves 13.90
Tonnes
13.9 13.9 13.9 13.9 13.9
Terrorism Index 1.89
1.42 1.14 0.86 0.74 1.57
External Debt 107058.49
EUR Million
107126 107300 107232 107245 107241
GOVERNMENT Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Government Debt to GDP 97.50
percent
105 105 105 102 100
Government Budget 1.80
percent of GDP
1.2 1.2 1.2 -3.16 1
Government Budget Value -130.50
EUR Million
-22.74 396 158 270 350
Government Spending 662.40
EUR Million
667 655 679 664 711
Government Spending to GDP 38.10
percent
41.55 41.85 42.15 41.78 41.32
Government Revenues 1853.90
EUR Million
1770 2112 2247 1933 2260
Fiscal Expenditure 1556.60
EUR Million
1792 1716 2156 1662 1910
Military Expenditure 386.00
USD Million
353 353 354 348 336
Asylum Applications 380.00
persons
384 405 368 367 287
BUSINESS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Business Confidence 116.60
Index Points
115 114 107 113 103
Industrial Production 5.70
percent
8.87 8.84 8.8 8.79 8.79
Manufacturing Production 18.10
percent
10.04 9.14 8.33 7.6 3.12
Changes in Inventories 53.30
EUR Million
-63.55 -82.69 -76.35 -78.45 -77.93
Car Registrations 3936.00
3679 3873 3580 3797 3734
Internet Speed 6912.45
KBps
6410 6355 6294 6229 5634
IP Addresses 368293.00
IP
364786 363813 361754 360596 344302
Mining Production 0.80
percent
1.24 17.43 4.34 11.01 -0.66
Corruption Index 57.00
Points
58 58 59 59 64
Corruption Rank 42.00
37 35 32 33 24
Competitiveness Index 4.30
Points
4.17 4.17 4.17 4.17 4.17
Competitiveness Rank 64.00
73 73 73 73 73
Ease of Doing Business 53.00
53 53 53 53 53
Electricity Production 343.00
Gigawatt-hour
415 384 399 394 395
CONSUMER Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Consumer Confidence 4.40
Index Points
0.88 -0.16 -12.6 -1.89 -9.24
Retail Sales MoM 14.60
percent
-4.03 1.33 0.65 0.8 1.02
Retail Sales YoY 10.70
percent
9.9 9.75 9.75 9.76 9.76
Consumer Spending 2819.40
EUR Million
2815 2815 2890 2833 3024
Personal Savings -5.74
percent
-5.3 -4.43 -3.56 -3.29 -3.71
Households Debt To Income 178.83
percent
199 197 194 193 156
Gasoline Prices 1.52
USD/Liter
1.4 1.32 1.25 1.17 0.82
HOUSING Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Housing Index 105.24
Index Points
103 103 103 104 105
Home Ownership Rate 72.50
percent
73.51 73.7 73.89 73.72 73.55
Construction Output 12.10
percent
4.8 3.6 3.2 2.9 2.7
Building Permits 481.00
477 477 477 477 477
TAXES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Corporate Tax Rate 12.50
percent
12.5 12.5 12.5 13 13
Personal Income Tax Rate 35.00
percent
35 35 35 35 35
Sales Tax Rate 19.00
percent
19 19 19 19 19
Social Security Rate 15.60
percent
15.6 15.6 15.6 16 16
Social Security Rate For Companies 7.80
percent
7.8 7.8 7.8 7.8 7.8
Social Security Rate For Employees 7.80
percent
7.8 7.8 7.8 7.8 7.8
CLIMATE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Temperature 28.04
celsius
20.2 25.93 17.13 12.03 19.24