Cyprus GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

2.6

Units In

3.9

Frequency

Quarterly

Next Release

Jun 03, 2025

Time to Release

2 Months 28 Days 12 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 2.9% year-on-year in the fourth quarter of 2024, slowing from a 3.6% increase in the previous quarter, but beating initial estimates of 2.6% expansion. This marked the softest growth since Q4 2023, as net trade contributed negatively to the GDP, with imports (+13.1%) rising more than exports (+2.3%). Meanwhile, positive contributions to growth came from arts, entertainment and recreation, repair of household goods and other services (+5%), wholesale & retail trade, repair of motor vehicles, arts, entertainment & recreation and other service activities (+4.5%), and information and communication (+4%). On a quarterly basis, the GDP grew 0.3%, following a 0.9% gain in the preceding quarter. Considering the full year of 2024, the economy expanded by 3.4%, accelerating from an upwardly revised 2.6% growth last year.