Cyprus GDP Annual Growth Rate

Last Release

Mar 31, 2025

Actual

Units In

2.9

Frequency

Quarterly

Next Release

Sep 02, 2025

Time to Release

2 Months 27 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
13.3 Jun 2021	-12.6 Jun 2020	2.73 %	1996-2025	Statistical Service of the Republic of Cyprus

Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. Industry accounts for only 10 percent and agriculture for 2 percent. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by government expenditure (16 percent) and gross fixed capital formation (11 percent). Exports of goods and services account for 55 percent of GDP while imports account for 53 percent, adding 2 percent of total GDP.

Latest Updates

The economy of Cyprus expanded by 3% year-on-year in the first quarter of 2025, confirming flash estimates and slightly above the 2.9% growth recorded in Q4. On the expenditure side, growth slowed for private consumption (1.5% vs 1.8% in Q4), government spending (1% vs 3.4%), and fixed investment (19.3% vs 67.1%). Net trade contributed negatively, as exports rose by 4.5% (vs 2.1%), while imports advanced more rapidly at 6.8% (vs 8.7%). On the production side, output accelerated in several sectors, including manufacturing (3.3% vs 1.7%), information and communication (5.3% vs 4.3%), professional, scientific and technical activities (2.3% vs 1.7%), and arts, entertainment and recreation (6% vs 5.1%). On a quarterly basis, GDP rose by 1.3%, up from 0.2% in Q4, marking the fastest pace of growth since Q1 2024.