The economy of Cyprus grew 5.6 percent year-on-year in the first quarter of 2022, easing from a 5.9 percent growth in the previous three-month period and matching preliminary estimates. It was the fourth consecutive quarter of economic expansion, underpinned by increased output from hotels and restaurants; transport, storage and communication; wholesale and retail trade; arts, entertainment and recreation; and other service activities. On a quarterly basis, the GDP went up by 1 percent, advancing slightly from a 0.9 percent growth in the previous quarter. source: Statistical Service of the Republic of Cyprus

GDP Annual Growth Rate in Cyprus averaged 2.63 percent from 1996 until 2022, reaching an all time high of 13.30 percent in the second quarter of 2021 and a record low of -11.70 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 June of 2022.

GDP Annual Growth Rate in Cyprus is expected to be 3.30 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 2023, according to our econometric models.

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Cyprus GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-17 09:00 AM YoY Flash Q1 5.6% 5.9% 4.5%
2022-06-01 10:00 AM YoY Final Q1 5.6% 5.9% 5.6%
2022-08-17 09:00 AM YoY Flash Q2 5.6%


Related Last Previous Unit Reference
GDP Growth Rate 1.00 0.70 percent Mar 2022
GDP Annual Growth Rate 5.60 5.90 percent Mar 2022
GDP Constant Prices 5779.00 5710.10 EUR Million Mar 2022
Gross National Product 23352.80 21000.31 EUR Million Dec 2021
Gross Fixed Capital Formation 1128.50 686.38 EUR Million Mar 2022
Full Year GDP Growth 5.51 -5.23 percent Dec 2021
GDP From Services 1211.90 1174.80 EUR Million Mar 2022
GDP From Public Administration 1034.30 1028.60 EUR Million Mar 2022
GDP From Mining 391.30 380.00 EUR Million Mar 2022
GDP From Manufacturing 309.71 311.55 EUR Million Mar 2022
GDP From Construction 350.90 357.30 EUR Million Mar 2022
GDP From Agriculture 93.90 94.50 EUR Million Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
5.60 5.90 13.30 -11.70 1996 - 2022 percent Quarterly
SA, WDA

News Stream
Cyprus GDP Growth Confirmed at 5.6% in Q1
The economy of Cyprus grew 5.6 percent year-on-year in the first quarter of 2022, easing from a 5.9 percent growth in the previous three-month period and matching preliminary estimates. It was the fourth consecutive quarter of economic expansion, underpinned by increased output from hotels and restaurants; transport, storage and communication; wholesale and retail trade; arts, entertainment and recreation; and other service activities. On a quarterly basis, the GDP went up by 1 percent, advancing slightly from a 0.9 percent growth in the previous quarter.
2022-06-01
Cyprus GDP Grows 5.6% YoY in Q1
The economy of Cyprus expanded by 5.6 percent year-on-year in the first quarter of 2022, following a 5.9 percent rise in the prior quarter, preliminary estimates showed. It marks the fourth consecutive quarter of growth, driven by hotels and restaurants; transport and storage; wholesale and retail trade, repair of motor vehicles; arts, entertainment and recreation and other service activities. On a quarterly basis, the GDP increased 0.7 percent, the same pace as in the previous quarter.
2022-05-17
Cyprus GDP Growth Revised Slightly Down in Q4
The economy of Cyprus grew by 5.9 percent year-on-year in the fourth quarter of 2021, below an earlier estimate of a 6 percent rise, but faster than an upwardly revised 5.7 percent growth in the previous three-month period. It was the third consecutive quarter of economic expansion, mainly attributed to increased output for hotels and restaurants, 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, the GDP increased 0.7 percent, slowing from an upwardly revised 1.7 percent growth in the third quarter.
2022-03-01