Name: Cyprus Full Year GDP Growth
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/

Full Year GDP Growth in Cyprus increased to 5.51 percent in 2021 from -5.23 percent in 2020. source: Statistical Service of the Republic of Cyprus

Full Year GDP Growth in Cyprus averaged 2.70 percent from 1996 until 2021, reaching an all time high of 6.45 percent in 2016 and a record low of -6.55 percent in 2013. This page includes a chart with historical data for Cyprus Full Year GDP Growth. Cyprus Full Year GDP Growth - values, historical data and charts - was last updated on July of 2022.

Full Year GDP Growth in Cyprus is expected to reach 3.90 percent by the end of 2022, 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 3.50 percent in 2023 and 3.10 percent in 2024, according to our econometric models.

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Related	Last	Previous	Unit	Reference
GDP Growth Rate	1.00	0.70	percent	Mar 2022
GDP Annual Growth Rate	5.60	5.90	percent	Mar 2022
GDP	23.80	24.95	USD Billion	Dec 2020

Cyprus Full Year GDP Growth

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.