Middle East conflict hits Cyprus economic outlook

Middle East conflict hits Cyprus economic outlook 22h ago

The Central Bank of Cyprus (CBC) downgraded GDP growth forecasts for 2026 to 2.5% and 2027 to 2.9%, citing the ongoing Middle East conflict. Inflation is projected to surge to 3.2% in 2026 from 0.8% in 2025, driven by higher oil prices and supply disruptions via the Strait of Hormuz. Unemployment is expected to edge up to 4.6% in 2026. The CBC warned risks remain tilted to weaker growth and higher inflation, with immediate negative effects on tourism, shipping, construction, and real estate sectors due to their reliance on foreign investment.

Cyprus Mail Full Article

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