Name: Cyprus Full Year GDP Growth
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/

The economy of Cyprus expanded 5.6% in 2022, following a record 6.6% growth in 2021. source: Statistical Service of the Republic of Cyprus

Full Year GDP Growth in Cyprus averaged 2.90 percent from 1996 until 2022, reaching an all time high of 6.64 percent in 2021 and a record low of -6.59 percent in 2013. This page includes a chart with historical data for Cyprus Full Year GDP Growth. Cyprus Full Year GDP Growth - values, historical data and charts - was last updated on May of 2023.

Full Year GDP Growth in Cyprus is expected to reach 2.50 percent by the end of 2023, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus Full Year GDP Growth is projected to trend around 2.80 percent in 2024 and 2.60 percent in 2025, according to our econometric models.

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Related	Last	Previous	Unit	Reference
GDP Growth Rate	0.80	0.90	percent	Mar 2023
GDP Annual Growth Rate	3.40	4.40	percent	Mar 2023
GDP	28.41	25.01	USD Billion	Dec 2021

Cyprus Full Year GDP Growth

Services including tourism, financial services, and real estate are considered as the backbone of the Cyprus economy, accounting for nearly 80 percent of GDP. Industry accounts for only 10 percent and agriculture for 2 percent. On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by government expenditure (16 percent) and gross fixed capital formation (11 percent). Exports of goods and services account for 55 percent of GDP while imports account for 53 percent, adding 2 percent of total GDP.