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 Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 1.10 0.7 0.5 0.6 0.5 0.4 percent
Unemployment Rate 11.30 9.8 9.5 9.2 9 7.5 percent
Inflation Rate -0.70 0.6 1 1.5 1.8 2.5 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -471296.00 -562261 -536254 -509095 -487679 -330241 EUR Thousand
Government Debt to GDP 107.80 105 105 105 105 100 percent
MARKETS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Currency 1.23
1.21 1.19 1.17 1.15 1.07
Stock Market 69.51
points
67.06 65.13 63.26 61.43 48.62
GDP Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 1.10
percent
0.7 0.5 0.6 0.5 0.4
GDP Annual Growth Rate 3.90
percent
3.2 3 2.7 2.5 2.2
GDP 20.05
USD Billion
18.12 18.65 19.17 23.45 29.85
GDP Constant Prices 4145.60
EUR Million
4225 4264 4296 4325 4438
Gross National Product 17420.60
EUR Million
16589 16729 16869 17008 15311
Gross Fixed Capital Formation 657.44
EUR Million
680 606 600 617 420
GDP per capita 28325.44
USD
29130 29130 29130 29130 29650
GDP per capita PPP 31195.51
USD
30480 30801 31123 31444 31762
GDP From Agriculture 62.10
EUR Million
65.54 65.51 66.54 66.91 72.42
GDP From Construction 203.80
EUR Million
204 205 205 205 207
GDP From Manufacturing 198.91
EUR Million
199 200 200 200 203
GDP From Mining 278.30
EUR Million
279 279 279 279 281
GDP From Public Administration 360.18
EUR Million
362 363 363 363 356
GDP From Services 940.27
EUR Million
951 955 957 958 933
LABOUR Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 11.30
percent
9.8 9.5 9.2 9 7.5
Employed Persons 367.30
Thousand
355 359 363 368 365
Unemployed Persons 42526.00
39793 38677 40280 39393 38969
Long Term Unemployment Rate 4.30
percent
4.25 4.23 4.21 4.2 3.98
Youth Unemployment Rate 24.90
percent
24.68 24.57 24.46 24.36 23.59
Labour Costs 84.18
Index Points
91.06 90.17 84.36 102 97.55
Wages 1747.00
EUR/Month
1838 1806 1740 2280 2390
Population 0.85
Million
0.86 0.86 0.86 0.86 0.87
Retirement Age Women 65.00
65 65 65 65 65
Retirement Age Men 65.00
65 65 65 65 65
Wage Growth -0.10
percent
0.53 0.64 0.93 1.06 1.93
Productivity 109.10
Index Points
102 104 108 106 106
Part Time Employment 42.10
Thousand
44.48 44.07 43.47 43.44 42.61
Labor Force Participation Rate 61.90
percent
62.03 62.05 62.03 62.01 61.59
Employment Change 0.70
percent
0.57 0.55 0.51 0.5 0.37
Employment Rate 66.60
percent
66.52 66.37 66.27 66.36 66.46
Full Time Employment 332.40
Thousand
331 331 330 330 325
PRICES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Inflation Rate -0.70
percent
0.6 1 1.5 1.8 2.5
Harmonised Consumer Prices 98.32
Index Points
99 98.71 98.75 98.68 98.16
Consumer Price Index CPI 97.82
Index Points
97.96 98.14 98.1 98.08 97.92
GDP Deflator 114.91
Index Points
115 115 115 115 114
Producer Prices 99.30
Index Points
108 108 98.49 112 122
CPI Transportation 97.46
Index Points
97.59 97.34 96.96 96.83 96.97
Food Inflation -5.80
percent
-1.92 -0.69 0.31 0.82 1.76
MONEY Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Foreign Exchange Reserves 735.80
EUR Million
756 785 813 839 1059
TRADE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Balance of Trade -471296.00
EUR Thousand
-562261 -536254 -509095 -487679 -330241
Exports 227461.00
EUR Thousand
206071 194528 184609 175430 114813
Imports 698757.00
EUR Thousand
807433 784481 768543 757297 644092
Current Account 321.00
EUR Million
-645 -47.64 196 -615 -393
Current Account to GDP -4.90
percent
-4 -4 -4 -4 -3.6
Capital Flows 863.00
EUR Million
-106 48.31 135 -108 -48.49
Remittances 9.00
EUR Million
12.8 12.53 10.31 11.87 11.19
Tourism Revenues 89500.00
EUR Thousand
-39838 324380 339542 17481 98230
Tourist Arrivals 98924.00
148000 481000 491200 154100 141900
Gold Reserves 13.90
Tonnes
13.9 13.91 13.92 13.93 13.98
Terrorism Index 1.89
1.45 1.13 0.81 0.49 0.56
External Debt 107297.99
EUR Million
99289 95799 92843 90670 88271
GOVERNMENT Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Government Debt to GDP 107.80
percent
105 105 105 105 100
Government Budget 0.40
percent of GDP
1.2 1.2 1.2 1.2 1
Government Budget Value 366.70
EUR Million
71.46 -107 92.09 -80.15 -93.02
Government Spending 642.50
EUR Million
647 644 644 643 630
Government Spending to GDP 38.90
percent
40.83 41.02 41.2 41.38 39.34
Government Revenues 2023.20
EUR Million
1741 1691 1978 1998 1905
Fiscal Expenditure 1656.50
EUR Million
1622 1747 1686 1878 1736
Military Expenditure 351.60
USD Million
370 374 378 383 404
Asylum Applications 635.00
persons
429 373 370 348 271
BUSINESS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Business Confidence 117.80
Index Points
117 116 115 107 103
Industrial Production 10.20
percent
7.06 6.3 5.54 4.87 1.39
Manufacturing Production 13.30
percent
9.07 8.38 7.6 6.88 2.4
Changes in Inventories -166.20
EUR Million
59.74 27.17 19.97 6.23 9.23
Car Registrations 4123.00
3760 3627 3555 3489 3207
Internet Speed 6912.45
KBps
6488 6410 6355 6294 5634
IP Addresses 368293.00
IP
365029 364786 363813 361754 344302
Mining Production 12.10
percent
11.52 10 8.37 7.02 0.77
Corruption Index 55.00
Points
57 57 57 56 64
Corruption Rank 47.00
36 38 40 42 24
Competitiveness Index 4.30
Points
4.19 4.19 4.19 4.19 4.38
Competitiveness Rank 64.00
74 74 74 74 53
Ease of Doing Business 53.00
47 47 48 48 49
Electricity Production 344.00
Gigawatt-hour
429 377 409 389 396
CONSUMER Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Consumer Confidence 0.80
Index Points
-0.09 -1.22 -2.17 -12.6 -11.08
Retail Sales MoM -0.20
percent
0.68 0.86 1.17 0.95 1.09
Retail Sales YoY 8.50
percent
5.37 4.28 3.44 2.8 0.94
Consumer Spending 2755.20
EUR Million
2783 2793 2797 2799 2739
Personal Savings -5.74
percent
-4.97 -3.94 -2.91 -1.89 4.35
Households Debt To Income 196.56
percent
201 199 197 194 156
Gasoline Prices 1.51
USD/Liter
1.53 1.53 1.53 1.52 1.44
HOUSING Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Housing Index 102.46
Index Points
103 103 103 103 105
Home Ownership Rate 72.50
percent
73.32 73.51 73.7 73.89 73.55
Construction Output 12.80
percent
3 2.9 5.28 2.8 2.7
Building Permits 474.00
496 517 521 525 572
TAXES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Corporate Tax Rate 12.50
percent
13 13 13 13 14
Personal Income Tax Rate 35.00
percent
35 35 35 35 35
Sales Tax Rate 19.00
percent
19 19 19 19 18
Social Security Rate 15.60
percent
15 15 15 15 18
Social Security Rate For Companies 7.80
percent
8.24 8.24 8.24 8.24 12.3
Social Security Rate For Employees 7.80
percent
7.66 7.66 7.66 7.66 7.42
CLIMATE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Temperature 28.04
celsius
12 20.2 25.93 17.13 19.24