The Cyprus economy advanced 3.2 percent year-on-year in the second quarter of 2019, unrevised from the preliminary estimate and unchanged from the revised value in the previous period. Final consumption advanced faster (6.3 percent vs 6.2 percent in Q1), as government consumption increased further (12.9 percent vs 10.9 percent) while household consumption slowed (4.8 percent vs 5.1 percent). Meantime, gross fixed capital formation rose at a softer pace (21.6 percent vs 68.3 percent). Regarding net trade, exports dropped 3.1 percent (from 1.2 percent in Q1) while imports fell 1.1 percent (from 15.8 percent in Q1). On a quarterly basis, the gross domestic product expanded 0.8 percent, higher than a preliminary estimate of 0.7 percent and accelerating from a 0.6 percent gain in the first quarter. GDP Annual Growth Rate in Cyprus averaged 2.43 percent from 1996 until 2019, 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 3.00 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 2.60 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.