Cypriot Economy Grew 3.4% in 2024

Jerusalem, 5 March, 2025 (TPS-IL) -- Nicosia (CNA) – The growth rate of the Cypriot economy in 2024 is estimated at 3.4%, the Statistical Service of Cyprus said.

According to the first estimate for the year 2024, the growth rate of the economy in 2024 was positive and was estimated at 3.4% in real terms (volume measures), it noted.

At current prices, the percentage change in Gross Domestic Product (GDP) amounts to 6.6%.

Regarding the production approach for the estimation of GDP in real terms, the positive growth rate was mainly attributed to the sectors: “Hotels and Restaurants”, “Information and communication”, “Construction” and “Wholesale and retail trade; repair of motor vehicles and motorcycles”.

4th quarter 2024, growth rate 2.6%

Meanwhile, the Statistical Service announced that the GDP growth rate in real terms during the fourth quarter of 2024 is positive and it is estimated at 2.6% over the corresponding quarter of 2023.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 2.9%.

Regarding the production approach for the estimation of GDP, the positive growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Wholesale and Retail Trade, Repair of Motor Vehicles” and “Information and Communication”. The “Construction” activities recorded a negative growth rate.