The Gross Domestic Product (GDP) in Cyprus expanded 1 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in Cyprus averaged 0.79 percent from 1995 until 2024, reaching an all time high of 6.90 percent in the third quarter of 2020 and a record low of -12.00 percent in the second quarter of 2020. source: Statistical Service of the Republic of Cyprus
GDP Growth Rate in Cyprus is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. 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.
|
Actual |
Previous |
Highest |
Lowest |
Dates |
Unit |
Frequency |
|
|
1.00 |
0.10 |
6.90 |
-12.00 |
1995 - 2024 |
percent |
Quarterly |
SA, WDA
|