The Cypriot economy maintained steady growth in 2024, with an estimated expansion rate of 3.4% in real terms, according to data from the Statistical Service of Cyprus.
The preliminary estimate for the year highlights a positive economic trajectory, with GDP at current prices reflecting a 6.6% increase.
Key Sectors Driving Growth
The economic upturn was primarily fueled by growth in several key industries, including:
Q4 2024 Performance
In the fourth quarter of 2024, the Cypriot economy continued to expand, albeit at a slower pace. GDP in real terms grew by 2.6% compared to the same period in 2023. When adjusted for seasonal and working-day variations, the growth rate stood at 2.9%.
Sectoral contributions to this quarterly increase were led by:
However, construction was an exception, recording a decline during this period.
These figures indicate sustained economic resilience, with tourism, retail, and digital industries playing a pivotal role in driving GDP growth.
Source: Stockwatch.com.cy