Cliff on the ocean in Cyprus

Cyprus GDP

Cyprus GDP

Economic Growth in Cyprus

The Cyprus economy recorded an average growth rate of 3.0% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, real GDP growth was 5.1%. For more GDP information, visit our dedicated page.

Cyprus GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Cyprus from 2014 to 2023.
Source: CYSTAT.

Cyprus GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 5.6 5.5 -3.4 9.9 5.1
GDP (EUR bn) 21.7 23.2 22.1 24.9 27.8
Economic Growth (Nominal GDP, ann. var. %) 6.7 6.9 -4.7 12.9 11.4

GDP grows at softest pace since Q4 2020 in Q4

According to a preliminary reading, GDP growth lost momentum, easing to 2.1% year on year in the fourth quarter from 2.6% in the third quarter. Q4's reading was the weakest in three years. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth waned to 0.8% in Q4 from the previous quarter's 1.1%.

The flash estimate did not include a detailed breakdown, merely stating that the hospitality, transportation, trade and information sectors supported growth. Meanwhile, monthly data suggests that the external sector struggled in the quarter: Merchandise exports shrank over 30% yoy in Q4 (Q3: +26.9% yoy), while tourist arrivals growth lost steam. A full breakdown is set to be released on 1 March.

In 2024, the economy is forecast to expand at a similar pace to last year. Stronger export growth amid a robust tourism sector will underpin momentum. On the flip side, domestic demand is set to soften due to the lagged effects of monetary policy tightening. The pace of absorption of EU funds is a key factor to track, while additional spillovers from the wars in Ukraine and the Middle East pose downside risks.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot GDP projections for the next ten years from a panel of 14 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 GDP forecast available for Cypriot GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Cypriot GDP projections.

Want to get access to the full dataset of Cypriot GDP forecasts? Send an email to

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