Cyprus/Economy

Economy of Cyprus

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$33.9B(2023)
GDP PPP (USD)
$53.0B(2023)
GDP per Capita (USD)
$36,551(2023)
GDP Growth (inflation-adjusted)
2.6%(2023)
Inflation (CPI Annual %)
1.8%(2024)

Trade & Finance

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Exports (as share of GDP)
97%(2023)
Imports (as share of GDP)
95.8%(2023)
FDI Inflows (as share of GDP)
-10.5%(2023)
Remittance Inflow (USD)
$621.7M(2023)
Tax Revenue (as share of GDP)
24.1%(2023)

Labor & Income

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Unemployment Rate
5.6%(2024)
Employment in Services
81.4%(2023)
Poverty Rate
13.9%(2021)
GINI Index
31.5(2022)
GNI per Capita (USD)
$32,960(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1683 kg oil eq.(2022)
Renewable Energy Consumption (%)
15.6%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Cyprus

  • The economic architecture of Cyprus is substantial, anchored by a Gross Domestic Product (GDP) of approximately $33.89B
    2023
    . This places it as the 103rd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $36.55K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $53.04B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 2.6%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 1.8%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country has a relatively balanced trade profile, with exports making up 97.0% of GDP and imports 95.8%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting -10.51% of the economy
    2023
    . This performance positions the country 181st globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $621.73M annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 24.1% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $32,960
    2023
    . Globally, this ranks the nation 33rd out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 5.6%
    2024
    . The services sector is a primary driver of the labor market, accounting for 81.4% of total employment
    2023
    . Poverty remains a key issue, with 13.9% of the population living below the national poverty line
    2021
    . The country has a relatively equitable distribution of income, with a Gini index of 31.5
    2022
    .
  • On the environment and energy front, energy consumption per capita is 1,682.705 kg of oil equivalent
    2022
    . There is a growing focus on sustainability, with renewable energy accounting for 15.6% of consumption
    2021
    . Its commitment to clean energy places it 73rd among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.