Gross domestic product in Cyprus expanded 3.8 percent year-on-year in the fourth quarter of 2018, below earlier estimates of a 3.9 percent advance and the same as in the previous three-month period. Positive contributions to growth came from hotels and restaurant, retail and wholesale trade, construction, manufacturing, professional, scientific and technical activities and administrative and support service activities. On the other hand, financial and insurance activities shrank. On a quarterly basis, the economy grew 1 percent, following an upwardly revised 0.9 percent rise in the third quarter but less than flash estimates of 1.1 percent. GDP Annual Growth Rate in Cyprus averaged 2.41 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 first quarter of 2013.
GDP Annual Growth Rate in Cyprus is expected to be 3.90 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 3.70 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.