Cyprus Economic Outlook
May 28, 2019Growth softened somewhat in the first quarter of the year but remained healthy overall, supported by the construction, retail and wholesale sectors. This followed a stronger increase in Q4 2018, which was buoyed by sturdy consumer spending and a jump in public expenditure. Available data suggests the economy was still in good shape at the start of the second quarter. After contracting notably in March, tourist arrivals rebounded robustly in April, coinciding with the Easter holidays, mainly on the back of higher arrivals from the UK and Israel. In the same month, the number of unemployed persons declined further, a testimony to the ongoing strength of the labor market, while consumer and business confidence also picked up slightly.
Cyprus Economic GrowthThe economy is set to lose traction this year, as growth in the tourism sector moderates and debt repayment weighs on consumer spending. That said, solid wage and job gains should cushion the slowdown, while fixed investment will rebound thanks to buoyant construction activity. A no-deal Brexit and high levels of private and public debt cloud the outlook. Met the why particular analysts see growth at 3.2% in 2019, which is up 0.1 percentage points from last month’s forecast, and 2.6% in 2020.
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|Exchange Rate||1.13||0.65 %||Jun 13|
|Stock Market||69.1||-0.44 %||Jun 13|
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Cyprus Economic News
June 7, 2019
Economic growth clocked in at 3.2% in year-on-year terms in Q1 2019, slowing from the 3.8% expansion recorded in Q4 2018, due to a notable deterioration in the external sector.
May 30, 2019
Annual working day-adjusted industrial production contracted 0.7% in March, contrasting February’s revised 5.8% expansion (previously reported: +5.5%), according to Statistics Cyprus.
May 15, 2019
Growth decelerated to 3.4% in year-on-year terms in the first quarter of the year, down somewhat from the previous quarter’s 3.8%.
May 6, 2019
Consumer prices rose 0.4% from the previous month in April, following March’s 0.8% increase.
April 25, 2019
According to Statistics Cyprus, annual working day-adjusted industrial production growth slowed from 7.5% in January to 5.5% in February.