FX.co ★ Cyprus Current Account Deficit Largest in Nearly 2 Years

In the fourth quarter of 2024, Cyprus experienced a significant widening of its current account deficit, reaching EUR 1,463.5 million—more than twice the EUR 683.1 million recorded during the same quarter the previous year. This represented the largest deficit recorded since the first quarter of 2023. The increase was primarily attributed to a notable rise in the goods account deficit, which expanded to EUR 2,249.5 million from the previous year's EUR 1,551.7 million. At the same time, the services account surplus saw a decline, dropping to EUR 2,036.5 million, down from EUR 2,144.7 million the previous year. Meanwhile, there was a slight improvement in the primary income deficit, which decreased to EUR 1,118.3 million from EUR 1,143 million. The secondary income shortfall also saw a minor reduction, moving to EUR 132.2 million from EUR 132.8 million.