Diversified Leading Financial and Technology hub in Cyprus
HICP index
(yoy% change)
4.8%
Quarterly Real GDP
-14.2%
Resilient Cypriot economy delivering strong growth notwithstanding headwinds
GDP grew by 4.5% in 4Q2022 (yearly average at 5.7%)
Strong tourism performance in 2022 despite challenges
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
(yoy % change)
12.9%
5.3%
4.5%
3,977
899
2.2%
-2.8% -10.6%
Cyprus
Euro area
14.3%
3,201
60
-20%
1.9%
GDP expected to grow by
c.3.0% in 2023, well above
eurozone average
1,937
3,078
3,141
1Q22
Inflation peaked in 3Q2022; starting to reduce
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
10.6% 10.6%
Jul-22
Aug-22
Sep-22
Oct-22
Source: Cystat, Eurostat
1)
2)
Projections in accordance with Ministry of Finance
According to Winter 2023 Forecasts of European Commission
Nov-22
Dec-22
Jan-23
Feb-23
2Q22
3Q22
4Q22
2019
Tourism arrivals
2021
Russian, Belarus & Ukraine
2022
Unemployment rate at 6.8% in 3Q2022
Quarterly (%) (seasonally adjusted)
Tourism revenues FY2022:
91% of 2019 levels
9.2%
8.1
8.5%
7.6
7.4%
8.9%
8.6%
7.6%
6.7%
5.0%
6.2%
Cyprus
Euro area
2022 average inflation rate
at 8.1% (vs 2.5% in 2021)
2023 average inflation rate
expected to drop to c.4%2
7.5
8.0
6.8 6.7 6.8
7.1
6.7
6.4 6.6 6.7
2022 unemployment rate
expected at 6.7%1
(vs 7.5% in 2021)
2Q2019
3Q2019
4Q2019
1Q2021
2Q2021
3Q2021
4Q2021
1Q2022
2Q2022
3Q2022
Cyprus
Euro area
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