The economy of Cyprus expanded by 3.43% in 2024, accelerating from an upwardly revised 2.61% growth last year. Full Year GDP Growth in Cyprus averaged 3.20 percent from 1996 until 2024, reaching an all time high of 11.39 percent in 2021 and a record low of -6.59 percent in 2013. source: Statistical Service of the Republic of Cyprus
Full Year GDP Growth in Cyprus is expected to reach 3.00 percent by the end of 2026, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus Full Year GDP Growth is projected to trend around 2.90 percent in 2027 and 3.00 percent in 2028, according to our econometric models.
Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. Industry accounts for only 10 percent and agriculture for 2 percent. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by government expenditure (16 percent) and gross fixed capital formation (11 percent). Exports of goods and services account for 55 percent of GDP while imports account for 53 percent, adding 2 percent of total GDP.
|
Actual |
Previous |
Highest |
Lowest |
Dates |
Unit |
Frequency |
|
|
3.43 |
2.61 |
11.39 |
-6.59 |
1996 - 2024 |
percent |
Yearly |
Constant Prices, NSA
|