Cyprus Economic Outlook
July 24, 2018Sequential data points to a continuation of robust economic activity in Q2 following a stellar Q1, which saw the economy expand at one of the fastest rates in a decade. Industrial production growth more than doubled Q1’s average pace in April on the back of soaring output of pharmaceutical and chemical products. Moreover, retail sales rose at a solid clip in the same month, underpinned by upbeat consumer confidence and an improving labor market—the unemployment rate dipped to a near seven-year low in April–May. On the external front, goods exports surged in April and May, contributing to a significant reduction of the trade deficit in January–May.
Cyprus Economic GrowthEconomic growth should remain robust this year, buttressed by a dynamic tourism industry, which has benefited from increased geopolitical risks in rival tourist destinations, and healthy consumer spending aided by continued job creation. A banking system with a high non-performing loan ratio weighs on the outlook, however. Met the why particular panelists project growth of 3.6% in 2018, which is up 0.1 percentage points from last month’s estimate, and 3.0% in 2019.
Cyprus Economy Data
5 years of Cyprus economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.13||0.65 %||Aug 15|
|Stock Market||73.8||-0.44 %||Aug 14|
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