Economy · Greece

Eurobank Research: Imports negatively affected Cyprus economic growth in Q1 2026.

3 sourcesFirst reported 9 days agoUpdated 9 days ago

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The Cypriot economy experienced a slowdown in growth to 3.0% in the first quarter of 2026, the lowest rate in the past ten quarters.
Increased imports negatively impacted the economic growth during this period, limiting the positive contribution from the external balance.
Construction is expected to remain a key pillar of economic activity despite the overall slowdown.
The impact of the ongoing geopolitical crisis on the economy has been described as limited in intensity.

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Eurobank Research reported a slowdown in the growth of the Cypriot economy, with GDP increasing by only 3.0% year-on-year in the first quarter of 2026, down from 4.3% in the previous quarter and 3.6% in the same quarter of 2025. This marks the weakest growth rate in the last ten quarters. A significant factor contributing to this decline was the surge in imports, which negatively impacted the positive contribution of the external balance.

While domestic demand remained strong, the robust recovery in imports acted as a brake on overall economic growth. The construction sector is highlighted as a continued pillar of economic activity during this period. The impact of the ongoing geopolitical crisis was noted, though it was assessed to have a limited effect on the economy's performance in the first quarter. Overall, the combination of high import levels and steady domestic demand characterizes the current economic landscape in Cyprus, according to the findings.

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Eurobank Research: Imports negatively affected Cyprus economic growth in Q1 2026.

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