Cyprus GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

3.9

Units In

3.7

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 25 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
13.3 Jun 2021	-12.6 Jun 2020	2.72 %	1996-2024	Statistical Service of the Republic of Cyprus

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.

Latest Updates

The economy of Cyprus advanced by 3.8% year-on-year in the third quarter of 2024, almost in line with initial estimates of 3.9% rise and slightly up from the previous quarter’s 3.7% growth. The expansion was mainly driven by robust growth in construction (+5.7%), information & communication (+5.6%), and wholesale & retail trade, repair of motor vehicles, arts, entertainment & recreation and other service activities (+4.9%). Net trade also contributed positively to the GDP, as exports rose 5% while imports increased at a softer 0.7%. On a quarterly basis, GDP grew 1%, following a 0.1% gain in the preceding period.