Investor Presentaiton
Economy deeply impacted by Covid-19 in the second quarter
Economic sentiment dropped steeply in the second
quarter as Covid-19 infections peaked
Tourism arrivals for 1H2020 down 84% yoy
(mn)
19.8
Economic Sentiment Indicator (ESI) - % change y-o-y
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0
3.9
4.0
3.7
3.2
2.7
2.5
2.4
2.4 2.4
-0.3
-5.4
-29.6
2011-Q1
2011-Q3
2012-Q3
2012-Q1
Cyprus
Euro Area
2014-Q1
2015-Q3
2013-Q1
2013-Q3
2014-Q3
2015-Q1
2016-Q1
2016-Q3
2017-Q1
2017-Q3
2018-Q1
Leading indicators reflect the steep decline of 2Q2020
Leading indicators: 3 month moving averages % changes y-o-y
-33.2
2018-Q3
2019-Q1
2019-Q3
2020-Q1
100.0
80.0
60.0
40.0
20.0
0.0
-20.0
-40.0
-60.0
-80.0
12.11
03.12
06.12
10.12
12.12
03.13
06.13
New vehicles
$09.13
12.13
03.14
06.14
10.149
12.14
03.15
06.15
Non-food sales
10.15
12.15
03.16
SOURCES; Statistical Service of Republic of Cyprus, Eurostat; Calculations by BOC Economic Research
Bank of Cyprus Holdings
-84%
1.6
Group Financial Results for the six months ended 30 June 2020
Tourism: % changes yoy
Total arrivals (% change)
Total receipts (% change)
14.6
11.9
11.7
7.8
2.7
0.3
-91.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
1H
1H
2019 2020
2016
2017
2018
2020
Jun yoy
09.16
12.16
03.17
Property sales
06.17
09.17
12.17
03.18
06.18 S
09.18.09
12.18
03.19
06.19
Building permits vol
09.19
12.19
03.20
06.20
-84.0
Support from key business enablers
Corporate tax rates - 2019
Level of education 2019, age 15-64
Cyprus has the highest number of
university graduates in the population
in the EU after Ireland, at par with UK
12.5%
12.5%
19.0%
21.3%
Less than
Upper secondary
21.0%
24.0%
Upper and post-
38.5%
secondary, non-
25.0%
tertiary
28.0%
40.2%
Tertiary
30.0%
31.0%
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