ESG Strategy and Digital Transformation
Significant recovery of Cyprus economy in 2021 with solid growth outlook
A diversifying services-based economy
Structure of economy 2020 (current prices % of GVA
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Open, small and dynamic economy which has demonstrated
historically that it can quickly recover from economic crises
Economy recovered to pre-pandemic levels; GDP grew 6.0%¹ in 4Q2021
and expected to grow by c.4%¹ in 2022
Largest drivers to growth are expected to remain the Trade, Tourism,
Professional Services, Shipping & IT services and the Construction
sector
Tourism performance in 2021 better than initially anticipated; Tourism
season extended until October 2021; Oct tourist arrivals at 90% of 2019
levels; Overall arrivals in 2H2021 at c.70% of 2019 levels; Tourism
expected to fully recover by 2023-2024
The implementation of Cyprus' Recovery and Resilience Plan (€1.2 bn)
is expected to support domestic activity and employment through higher
investment and to enhance growth potential via reforms (see slides 53-
54)
Tertiary sector
83%
15%
12%
5%
2%
5%
Primary sector
Secondary sector
Information
Finance & Insurance
10%
Wholesale & Retail trade
Real Estate
Health & social work
6%
Public
9%
4%
10%
8%
7%
Transport
Accommodation
Professional
Education
Other
7%
Strong economic recovery expected to continue in 2022
Annual Real GDP yoy % change
13.4%
14.4%
5.6%
6.0%
3.9%
4.6%
GDP expected to
grow by c.4% in 2022,
above EU Area
projections
1)
According to Ministry of Finance
-210
-4.3%
-4.4%
4Q2020
-1.1%
1Q2021
2Q2021
3Q2021
4Q2021
Cyprus
Euro Area
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