The Cypriot economy showed robust growth in 2024, with the Gross Domestic Product (GDP) expanding by 3.9% in real terms, according to a revised estimate published on Monday by the Cyprus Statistical Service (CYSTAT).
Key Economic Figures
This positive real-term growth was accompanied by a 7.2% increase in GDP at current prices, reflecting the economy’s strong performance over the year.
The total value of the economy in 2024 stood at €34.77 billion in current prices, which translates to €29.42 billion in real terms (adjusted for inflation).
Main Drivers of Growth
According to CYSTAT’s analysis using the production approach, the economic expansion was primarily powered by strong performances in several key sectors.
The main industries contributing to the positive growth rate were:
- Information and Communication
- Hotels and Restaurants
- Construction
- Wholesale and Retail Trade (including the repair of motor vehicles)
Source: Stockwatch.com.cy