Bank of Cyprus Credit Ratings and Financial Position
-14.2%
1Q20
2Q20
3Q20
4Q20
1Q21
5.3% 4.5%
GDP expected to grow by
c.2.8% in 2023, well above
eurozone average
14.3%
2.2%
2.5% 1.9%
-2.8% 10.6%
2Q21
3Q21
Inflation decreased to 3.8% for April 2023
HICP index
(yoy% change)
2022: 8.1%
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sep 22
Oct 22
Nov 2
Dec 22
Jan 23
Feb 23
4Q21
Strong Cypriot economy; solid GDP growth of c.2.8% expected for 2023
GDP growth of 5.6% in FY2022
Real GDP
(yoy % change)
2021: 6.6%
2022: 5.6%
12.9%
1Q2023 Tourist arrivals 10% ahead of 1Q2019
Tourism arrivals (ths)
3,977
1Q22
2Q22
3Q22
4Q22
10.6% 10.6%
9.2%
7.4%
8.9%
6.9%
HICP expected to drop to
8.6%
7.6%
c.3% in 2023
7.0%
5.0%
6.1%
6.2%
4.8%
3.8%
Cyprus
Euro area
Mar 23
Apr 23
2Q19
3,201
1,937
2019
2021
2022
1Q2019 1Q2022 1Q2023
Unemployment rate decreased to 6.8% in 2022
Quarterly (%) (seasonally adjusted)
3Q19
4Q19
1Q21
2Q21
3Q21
2021: 7.1%
2022: 6.8%
8.3%
8.0%
6.8%
6.9% 7.1%
4Q21
Source: Cystat, Eurostat
1)
Projections in accordance with Ministry of Finance
1Q22
2Q22
3Q22
4Q22
+10%
394
358
245
6.5%
6.8% 6.7%
Unemployment rate expected
to decrease to 6.5% in 2023
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