GDP reading: GDP fell 0.1% in seasonally adjusted month-on-month terms in October, unchanged from the prior month’s reading and contrasting...
Economic Growth in Cyprus
Cyprus's economy recorded an average growth rate of 4.3% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was 3.4%. 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 2025.
Source: Macrobond.
Cyprus GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -3.2 | 11.4 | 8.3 | 3.6 | 3.9 |
| GDP (EUR bn) | 22.4 | 25.7 | 29.6 | 32.4 | 34.8 |
| Economic Growth (Nominal GDP, ann. var. %) | -4.4 | 14.8 | 15.4 | 9.4 | 7.2 |
Economic growth is strong in the third quarter of 2025
GDP growth was well above the EU average in Q3: According to a flash estimate, Cyprus' GDP growth clocked 3.6% in annual terms in Q3, following a 3.6% expansion in the prior quarter. For comparison, the EU average rate was just 1.6%, with only Ireland and Poland recording fastest expansions than Cyprus among the bloc’s member states. On a working day and seasonally adjusted quarter-on-quarter basis, GDP increased 0.9% in Q3, following 0.7% growth in the prior quarter.
Trade and hospitality once again drive growth: The statistical office said that year-on-year GDP growth was driven by the domestic trade, hospitality, and information and communication subsectors. Moreover, available Q3 data on the external sector shows that merchandise exports rebounded after declining in Q2, and that tourist arrivals continued to grow at a healthy pace. A full breakdown of the GDP figures will be published on 1 December.
Economy to lose steam in 2026 but to beat euro area average: Our panelists expect GDP growth to lose steam in 2026 from 2025 due to weaker growth in both domestic demand and exports. Nonetheless, the economy will remain one of the fastest-growing in the euro area, backed by strong tourism. The health of the EU economy—Cyprus’ key trade partner and main source of tourism—is a key factor to watch.
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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