The Gross Domestic Product (GDP) in Cyprus expanded 12.90 percent in the second quarter of 2021 over the same quarter of the previous year. source: Statistical Service of the Republic of Cyprus

GDP Annual Growth Rate in Cyprus averaged 2.54 percent from 1996 until 2021, reaching an all time high of 12.90 percent in the second quarter of 2021 and a record low of -12.50 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 October of 2021.

GDP Annual Growth Rate in Cyprus is expected to be 4.90 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
2021-08-17 09:00 AM YoY Flash Q2 12.9% -2.1% 9.5%
2021-09-01 09:00 AM YoY Final Q2 12.9% -2.1% 12.9%
2021-11-15 10:00 AM YoY Flash Q3 12.9% 4.9%

News Stream
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.
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.
Cyprus GDP Contraction Eases in Q1
The economy of Cyprus contracted 1.6 percent year-on-year in the first quarter of 2021, following a 4.4 percent fall in the prior quarter, final estimates confirmed. It was the fourth straight quarter of decline, but also the slowest contraction since the pandemic’s outbreak, as lockdown restrictions were eased after their introduction in January. During this quarter, output shrank mainly in the following sectors: Hotels & Restaurants, Manufacturing, Transports, Storage & Communication, Wholesale & Retail Tarde and Recreation & Culture. On a quarterly basis, GDP advanced 2.0 percent, improving from a 1.1 percent expansion in Q4.

Cyprus Last Unit Reference Previous Highest Lowest
GDP Growth Rate 0.20 percent Jun/21 1.70 9.40 -13.10
GDP Annual Growth Rate 12.90 percent Jun/21 -2.10 12.90 -12.60
GDP Constant Prices 5323.50 EUR Million Jun/21 5331.10 5484.20 2825.30
Gross National Product 21000.31 EUR Million Dec/20 22286.88 22286.88 7678.31
Gross Fixed Capital Formation 1058.90 EUR Million Jun/21 1238.20 1773.30 -6064.00
GDP From Services 1081.90 EUR Million Jun/21 1132.60 1203.70 573.80
GDP From Public Administration 996.02 EUR Million Jun/21 985.77 996.02 578.22
GDP From Mining 353.00 EUR Million Jun/21 331.40 374.00 248.60
GDP From Manufacturing 296.66 EUR Million Jun/21 279.46 296.66 167.48
GDP From Construction 355.80 EUR Million Jun/21 354.10 494.70 181.20
GDP From Agriculture 88.00 EUR Million Jun/21 86.00 153.80 79.20

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.