Cyprus’ economy showed solid momentum in 2024, with its Gross Domestic Product (GDP) climbing to €33.57 billion at current market prices, according to the latest data from the Cyprus Statistical Service.
The updated National Accounts, which now reflect adjustments from the Balance of Payments (BOP) and Government Finance Statistics (GFS), also introduced a shift in the base year for calculating volume measures—from 2010 to 2019. These updates offer a more accurate picture of the economy’s performance.
Growth Rate Confirmed at 3.4%
Measured in real terms (volume measures), Cyprus’ GDP reached €28.75 billion, confirming a growth rate of 3.4% for the year. This positive performance highlights the economy’s resilience during a year marked by both global and regional challenges.
Sectors Behind the Boost
The Cyprus Statistical Service credited several key sectors for driving 2024’s growth:
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Hotels and Restaurants
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Information and Communication
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Construction
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Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles
These industries showed strong activity, helping to push the country’s economic expansion forward.
Final Note
Despite a shifting global environment, Cyprus maintained a healthy growth trajectory in 2024, with robust performances across major sectors fueling its success.
Source: stockwatch.com.cy