The economy of Cyprus expanded 3.7 percent year-on-year in the third quarter of 2018, above a preliminary figure of 3.6 percent but below a 4.0 percent advance in the previous period. It is the slowest expansion since the fourth quarter of 2017. Output went up at a slower pace mostly for manufacturing (3.5 percent vs 5.3 percent in Q2); wholesale and retail trade, repair of motor vehicles and motorcycles, transport and accommodation services (4.2 percent vs 4.9 percent); professional, scientific and technical activities, administrative and support (6.4 percent vs 6.8 percent). In addition, finance and insurance fell further (-3.0 percent vs -2.1 percent). On the other hand, the construction sector continued to grow solidly (22.8 percent vs 18.2 percent). On a quarterly basis, the GDP grew 0.8 percent, matching the preliminary reading and advancing at the same pace as in the previous period. GDP Annual Growth Rate in Cyprus averaged 2.39 percent from 1996 until 2018, reaching an all time high of 6.60 percent in the second quarter of 2000 and a record low of -6.70 percent in the second quarter of 2013.
GDP Annual Growth Rate in Cyprus is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Cyprus to stand at 3.80 in 12 months time. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 3.20 percent in 2020, according to our econometric models.