Exports in Cyprus
Cyprus's economy recorded an average growth rate of 5.3% in exports over the decade leading to 2024, above the Euro Area's average of 1.0%. In 2024, Cyprus's exports growth was 5.3%. For more exports information, visit our dedicated page.
Cyprus Exports Chart
Note: This chart displays Exports (G&S, ann. var. %) for Cyprus from 2014 to 2024.
Source: Macrobond.
Cyprus Exports Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Exports (G&S, ann. var. %) | 1.6 | 27.2 | 27.1 | -2.8 | 5.3 |
GDP growth accelerates in Q2
Economic momentum strengthens in Q2: A second release confirmed that GDP growth accelerated to 3.6% year on year in the second quarter, up from 3.0% in the first quarter. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth waned markedly to 0.5% in Q2, compared to the previous quarter's 1.3% growth.
Public spending and tourism underpin GDP growth: The improvement was driven by faster expansions in public spending and exports. Public consumption surged 11.2% in Q2 (Q1: +0.1% yoy). Less positively, private consumption growth fell to 2.4% in Q2 (Q1: +2.5% yoy). Meanwhile, fixed investment growth moderated to 18.3% in Q2, below the 20.4% rate recorded in the previous quarter. On the external front, exports of goods and services growth improved to 8.6% in Q2 (Q1: +6.8% yoy). The improvement was driven by a faster increase in services exports, as tourist arrivals strengthened in the quarter. Meanwhile, goods exports sank at a faster pace amid persistent trade turmoil. Lastly, imports of goods and services growth sped up to 7.2% in Q2 (Q1: +5.6% yoy).
Economic momentum to wane in 2025: The economy is seen growing at a slower pace in 2025 than in 2024, weighed down by cooling private spending growth. Still, it should remain among the fastest growing in the Euro area, driven by healthy tourist activity, a supportive fiscal stance and ECB monetary policy easing.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot exports projections for the next ten years from a panel of 4 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exports forecast available for Cypriot exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Cypriot exports projections.
Want to get access to the full dataset of Cypriot exports forecasts? Send an email to info@focus-economics.com.
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