Investor Presentaiton
GDP contraction of 1.6% in 1Q2021, continuing to outperform Euro area
Economy contracted by 1.6% in 1Q2021; significant rebound expected in 2021
•
Open, small and flexible economy which has demonstrated
historically that it can quickly recover from economic crises
4.3%-4.4%
3.8%-4.4%
1.1%
3.0% -3.6%
3.6% -3.9%
•
Small GDP contraction of 1.6% in 1Q2021 resulting from reintroduction of
restrictive measures
-4.60%
-4.4%
-1.6%
-3.3%
-12.5%
-1.8%
2021E
2022E
-4.2%
-4.9%
•
Gradual recovery underway; Cypriot economy expected to grow by 3.0%-
3.6% during 2021 and 3.6%-3.9% in 2022
-14.6%
1Q2020
2Q2020 3Q2020 4Q2020
1Q2021
•
Successful management of the pandemic to date, enabling substantial
lifting of restrictive measures as of 17 May 2021
Cyprus
Euro Area
•
•
-
Fewest days of lockdown in EU
-
Cyprus ranks 4th in the EU in COVID-19 vaccine doses administered
per 100 people¹
- 48% of adult population already vaccinated 2; on track to reach 65% by
end of June
A recovery in tourist activity is expected from 2H2021; reduction in
international tourist arrivals in 2021 vs 2019, expected to be partly offset
by domestic tourism
UK, Russia and Israel account for >60% of tourism arrivals, which are well
progressed with vaccination plans
Gross Value Added by sector of economic activity (2019)
6%
23%
12%
Accommodation
7%
Trade
Transport
Information
Manufacturing
Education
11%
Real estate
Health
Professional & Administrative
Construction
Other
4%
6%
6%
11%
7%
7%
1)
According to ECDC; https://vaccinetracker.ecdc.europa.eu/public/extensions/COVID-19/vaccine-tracker.html#uptake-tab
2)
Data as at 21 May 2021. 20% have completed their vaccination regime (Source: Ministry of Health)
Bank of Cyprus Holdings
Sources: Cyprus Statistical Service, IMF, European Commission and Economics Research centre of University of Cyprus
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