Cyprus trade deficit breaches 30% of GDP in 2010

Preliminary figures for December put the Cyprus trade deficit at EUR 5.33 bln in 2010, from EUR 4.72 bln in 2009, according to the latest figures from the Statistical Service.
According to our estimates for GDP, this means that the trade deficit in Cyprus expanded to 30.4% of GDP in 2010, from 28.9% in 2009, pushed up largely by high oil import prices.
Total exports rose in 2010 by 18.3% to EUR 1.15 bln but this strong performance was overshadowed by the much larger import bill, which saw imports rise to EUR 6.47 bln in 2010, from EUR 5.69 bln in 2009.
On the basis of the preliminary estimates, total imports/ arrivals were EUR 543.3 mln, in December while total exports/dispatches were EUR 108.7 mln.

Fiona Mullen
www.sapientaeconomics.com