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Exports in Cyprus
The Cyprus economy recorded an average growth rate of 8.8% in exports in the decade to 2022, above the Euro Area's average of 3.8%. In 2022, Cyprus's exports growth rate was 13.6%. For more exports information, visit our dedicated page.
Cyprus Exports Chart
Note: This chart displays Exports (G&S, ann. var. %) for Cyprus from 2014 to 2023.
Source: Macrobond.
Cyprus Exports Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Exports (G&S, ann. var. %) | 8.7 | 1.6 | 26.2 | 23.8 | 0.1 |
GDP growth improves in Q3
Economy accelerates to a near two-year high: According to a flash release, GDP growth edged up to 3.9% year on year in the third quarter from 3.7% in the second quarter, marking the strongest expansion since Q4 2022. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth accelerated to 1.0% in Q3 from the previous period's 0.1%.
Services sector likely supporting the improvement: The preliminary estimate did not include a comprehensive breakdown, but the statistical office stated that the hospitality, wholesale and retail, IT and communication, and construction sectors underpinned growth. Meanwhile, monthly data indicates that the external sector’s performance was mixed: Goods exports shrank by over 20% in Q3 (Q2: +9.5% yoy), while growth in tourist arrivals accelerated relative to Q2. A detailed breakdown is set to be released on 2 December.
Panelist insight: Analysts at the EIU commented: “Strong growth in Cyprus in the coming quarters will be underpinned by ECB easing, with further easing ahead in 2025. This will increase consumer and corporate credit demand and reduce household interest payment burdens, freeing up disposable income for discretionary spending elsewhere.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot exports projections for the next ten years from a panel of 4 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exports forecast available for Cypriot exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Cypriot exports projections.
Want to get access to the full dataset of Cypriot exports forecasts? Send an email to info@focus-economics.com.
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