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Economic Growth in Cyprus
The Cyprus economy recorded an average growth rate of 3.0% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, real GDP growth was 5.1%. For more GDP information, visit our dedicated page.
Cyprus GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Cyprus from 2014 to 2023.
Source: Macrobond.
Cyprus GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 5.9 | -3.2 | 11.4 | 7.4 | 2.6 |
| GDP (EUR bn) | 23.4 | 22.4 | 25.7 | 29.4 | 31.3 |
| Economic Growth (Nominal GDP, ann. var. %) | 7.3 | -4.4 | 14.8 | 14.5 | 6.5 |
GDP growth improves in Q3
Economy accelerates to a near two-year high: According to a flash release, GDP growth edged up to 3.9% year on year in the third quarter from 3.7% in the second quarter, marking the strongest expansion since Q4 2022. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth accelerated to 1.0% in Q3 from the previous period's 0.1%.
Services sector likely supporting the improvement: The preliminary estimate did not include a comprehensive breakdown, but the statistical office stated that the hospitality, wholesale and retail, IT and communication, and construction sectors underpinned growth. Meanwhile, monthly data indicates that the external sector’s performance was mixed: Goods exports shrank by over 20% in Q3 (Q2: +9.5% yoy), while growth in tourist arrivals accelerated relative to Q2. A detailed breakdown is set to be released on 2 December.
Panelist insight: Analysts at the EIU commented: “Strong growth in Cyprus in the coming quarters will be underpinned by ECB easing, with further easing ahead in 2025. This will increase consumer and corporate credit demand and reduce household interest payment burdens, freeing up disposable income for discretionary spending elsewhere.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot GDP projections for the next ten years from a panel of 14 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Cypriot GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Cypriot GDP projections.
Want to get access to the full dataset of Cypriot GDP forecasts? Send an email to info@focus-economics.com.
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