Cyprus GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

3.7

Units In

3.3

Frequency

Quarterly

Next Release

Dec 02, 2024

Time to Release

2 Months 28 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
13.3 Jun 2021	-12.6 Jun 2020	2.71 %	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 grew by 3.7% year-on-year in the second quarter of 2024, accelerating from a revised 3.3% increase in the previous quarter. This marked the highest growth rate since Q2 2022, aligning with preliminary estimates. The expansion was primarily driven by robust growth in construction (+10.4%), information & communication (+7%), and the combined sectors of mining, quarrying, manufacturing, and utilities (+4.8%). In contrast, financial and insurance activities saw a slight contraction of 0.5%. On a quarterly basis, GDP grew by 0.7% in Q2 2024, easing from a revised 1% growth in the previous period.