The economy of Cyprus expanded 5.6 percent year-on-year in the third quarter of 2021, easing from a record 13.3 percent in the previous quarter, as low base effects wane. The growth was mainly attributed to increased output for wholesale trade, transportation, accommodation, and services (16.9 percent), mining and quarrying, manufacturing, and utilities (7.4 percent), and information and communication (4.7 percent), and financial and insurance services (3.1 percent). On a quarterly basis, the gross domestic product edged up by 1.5 percent, the same rate as seen in the second quarter. source: Statistical Service of the Republic of Cyprus

GDP Annual Growth Rate in Cyprus averaged 2.56 percent from 1996 until 2021, reaching an all time high of 13.30 percent in the second quarter of 2021 and a record low of -12.60 percent in the second quarter of 2020. This page provides - Cyprus GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2022.

GDP Annual Growth Rate in Cyprus is expected to be 5.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus GDP Annual Growth Rate is projected to trend around 2.80 percent in 2022, according to our econometric models.

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Cyprus GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-11-16 10:15 AM YoY Flash Q3 5.3% 13.3% 4.9%
2021-12-01 10:00 AM YoY Final Q3 5.5% 12.9% 5.3%
2022-02-15 10:00 AM YoY Flash Q4 5.5%


Related Last Previous Unit Reference
GDP Growth Rate 1.50 1.50 percent Sep/21
GDP Annual Growth Rate 5.60 13.30 percent Sep/21
GDP Constant Prices 5632.20 5323.50 EUR Million Sep/21
Gross National Product 21000.31 22286.88 EUR Million Dec/20
Gross Fixed Capital Formation 964.49 1058.90 EUR Million Sep/21
GDP From Services 1146.00 1081.90 EUR Million Sep/21
GDP From Public Administration 1024.70 996.02 EUR Million Sep/21
GDP From Mining 384.50 353.00 EUR Million Sep/21
GDP From Manufacturing 307.05 296.66 EUR Million Sep/21
GDP From Construction 361.60 355.80 EUR Million Sep/21
GDP From Agriculture 94.70 88.00 EUR Million Sep/21

News Stream
Cyprus GDP Growth Revised Higher in Q3
The economy of Cyprus expanded 5.6 percent year-on-year in the third quarter of 2021, easing from a record 13.3 percent in the previous quarter, as low base effects wane. The growth was mainly attributed to increased output for wholesale trade, transportation, accommodation, and services (16.9 percent), mining and quarrying, manufacturing, and utilities (7.4 percent), and information and communication (4.7 percent), and financial and insurance services (3.1 percent). On a quarterly basis, the gross domestic product edged up by 1.5 percent, the same rate as seen in the second quarter.
2021-12-01
Cyprus Q2 GDP Growth Rate At Record High
The economy of Cyprus expanded 12.9 percent year-on-year in the second quarter of 2021, following a 2.1 percent decline in the previous quarter, final estimates confirmed. It was the highest GDP growth rate recorded ever owing to the easing of lockdown restrictions. The positive GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Construction", "Manufacturing"," Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation" and "Other Service Activities". On a quarterly basis, GDP growth rate slowed to 0.2 percent after a 1.7 percent rise in the previous quarter.
2021-09-01
Cyprus Economy Rebounds at Record Pace in Q2
The economy of Cyprus grew 12.9 percent year-on-year in the second quarter of 2021, the most since at least 1996 and recovering from an upwardly revised 2.1 percent contraction in the prior quarter, preliminary estimates showed. It was the first expansion in four quarters supported by sectors that were hit hardest by the pandemic a year ago such as hotels & restaurants, construction, manufacturing, transport, storage & communications, wholesale & retail trade, repair of motor vehicles, arts, entertainment & recreation and other service activities. On a quarterly basis, the GDP increased 0.2 percent, slowing from a downwardly revised 1.7 percent growth in the first quarter.
2021-08-17

Cyprus GDP Annual Growth Rate
Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. Industry accounts for only 10 percent and agriculture for 2 percent. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by government expenditure (16 percent) and gross fixed capital formation (11 percent). Exports of goods and services account for 55 percent of GDP while imports account for 53 percent, adding 2 percent of total GDP.