GDP reading: GDP decreased 0.1% month-on-month in seasonally adjusted terms in October (September: -0.1% mom), contrasting market expectations for an...
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 records best reading in nearly two years in the third quarter
Growth strengthens in Q3: A second release confirmed that GDP growth accelerated to 3.9% year on year in the third quarter from 3.7% in the second quarter, marking the best result since Q4 2022. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth improved to 1.1% in Q3, following the previous quarter's 0.1% growth.
Public consumption drives the improvement: Public spending spearheaded the acceleration with a 7.1% expansion in Q3 (Q2: +4.8% yoy). That said, private consumption growth fell to 3.9% in Q3 (Q2: +4.6% yoy), marking the weakest expansion since Q2 2023. Moreover, fixed investment shrank 6.4% in Q3, contrasting the 10.6% expansion logged in the prior quarter, due to sharp contractions in machinery and transport equipment. On the external front, exports of goods and services growth moderated to 4.2% in Q3 (Q2: +16.3% yoy). Meanwhile, imports of goods and services growth slowed to 0.9% in Q3 (Q2: +12.8% yoy), pushing up the headline reading.
GDP growth to cool ahead: Our panelists expect GDP growth to lose some steam in the last quarter of 2024 and expect growth to ease slightly from 2024 in 2025 as a whole due to slower expansions in exports and public spending. Escalating conflict in Ukraine and the Middle East is a downside risk.
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 16 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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