Cyprus - Economy
How is the economy of Cyprus? Based on the information we have, Cyprus has a services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries. Key agricultural products in this country include: milk, potatoes, sheep milk, pork, goat milk, wheat, chicken, olives, grapes, barley (2023).
More about the economy of Cyprus
| Labor force | 772,300 (2024 est.) |
|---|---|
| Industrial production growth rate | 4.6% (2024 est.) |
| Industries | tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products |
| Population below poverty line | 13.9% (2021 est.) |
| Taxes and other revenues | 24.1% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $2.088 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $1.789 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.671 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$3.05 billion (2024 est.) |
| Current account balance 2023 | -$3.831 billion (2023 est.) |
| Current account balance 2022 | -$2.178 billion (2022 est.) |
| Public debt | |
| Public debt 2017 | 97.5% of GDP (2017 est.) |
| Budget | |
| Revenues | $14.39 billion (2023 est.) |
| Expenditures | $13.733 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.8% of GDP (2023 est.) |
| Remittances 2022 | 1.7% of GDP (2022 est.) |
| Remittances 2021 | 2.1% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.6% (2022 est.) |
| Highest 10% | 26.2% (2022 est.) |
| Imports | |
| Imports 2024 | $33.802 billion (2024 est.) |
| Imports 2023 | $32.556 billion (2023 est.) |
| Imports 2022 | $31.486 billion (2022 est.) |
| Imports (partners) | Greece 20%, UK 10%, Italy 7%, Turkey 6%, Spain 6% (2023) |
| Comodities Imports force | refined petroleum, ships, cars, packaged medicine, coal tar oil (2023) |
| Exports | |
| Imports 2024 | $33.802 billion (2024 est.) |
| Imports 2023 | $32.556 billion (2023 est.) |
| Imports 2022 | $31.486 billion (2022 est.) |
| Exports (partners) | Libya 14%, Greece 11%, Lebanon 8%, Bermuda 7%, Marshall Islands 5% (2023) |
| Comodities Exports force | ships, refined petroleum, packaged medicine, cheese, scented mixtures (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $50.055 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $48.386 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $47.085 billion (2022 est.) |
| GDP (official exchange rate) | $36.333 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $53,300 (2024 est.) |
| Real GDP per capita 2023 | $52,200 (2023 est.) |
| Real GDP per capita 2022 | $51,600 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.2% (2024 est.) |
| Industry | 10.3% (2024 est.) |
| Services | 76.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 58.9% (2024 est.) |
| Government consumption | 18.6% (2024 est.) |
| Investment in fixed capital | 20.5% (2024 est.) |
| Investment in inventories | -1.6% (2024 est.) |
| Exports of goods and services | 96.7% (2024 est.) |
| Imports of goods and services | -93.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.7% (2024 est.) |
| Unemployment rate 2023 | 6.1% (2023 est.) |
| Unemployment rate 2022 | 6.9% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.6% (2024 est.) |
| Male | 17.4% (2024 est.) |
| Female | 13.7% (2024 est.) |
All Important Facts about Cyprus
Want to know more about Cyprus? Check all different factbooks for Cyprus below.
