Growth Rate 3.4%
The growth rate of the economy in 2024 is positive and is estimated at 3.4% in real terms (volume measurements). At current prices, the percentage change in the Gross Domestic Product (GDP) amounts to 6.6%.
As regards the production approach for the calculation of GDP in volume measurements, the positive growth rate is mainly due to the sectors: “Hotels and Restaurants”, “Information and Communication”, “Construction” and “Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles” (Table 1).
| Table 1: Gross Domestic Product (GDP) – Production Approach | |||||
| NACE Rev.2 | GDP at Current Prices | GDP in Volume Measurements | |||
| Breakdown of gross value added(%) |
Euro (million) |
Change (%) |
Euro (million) |
Change (%) |
|
| 2024 | 2024 | 2024/2023 | 2024 | 2024/2023 | |
| Gross Domestic Product (GDP) | 100,0 | 33.414,4 | 6,6 | 27.889,3 | 3,4 |
| A | 1,3 | 396,2 | 7,2 | 294,8 | 1,1 |
| B | 0,2 | 58,3 | 11,1 | 49,3 | 10,0 |
| C | 4,8 | 1.401,6 | 2,9 | 1.112,1 | 2,8 |
| D | 1,0 | 287,0 | 0,1 | 108,0 | 7,7 |
| E | 0,7 | 206,3 | 6,5 | 175,8 | 5,8 |
| F | 5,1 | 1.511,2 | 8,5 | 1.406,5 | 5,3 |
| G | 11,8 | 3.480,4 | 5,1 | 3.067,0 | 4,2 |
| H | 5,1 | 1.511,2 | 1,6 | 1.355,6 | 1,6 |
| I | 6,6 | 1.938,0 | 11,3 | 1.429,3 | 6,2 |
| J | 11,1 | 3.282,9 | 6,2 | 3.388,1 | 5,6 |
| K | 10,4 | 3.066,7 | 9,9 | 1.868,2 | 1,6 |
| L | 10,4 | 3.050,1 | 7,7 | 2.637,6 | 2,0 |
| M | 7,1 | 2.099,9 | 3,7 | 1.803,8 | 2,1 |
| N | 2,6 | 758,2 | 5,4 | 698,7 | 3,8 |
| O | 8,7 | 2.553,7 | 9,9 | 2.004,5 | 4,4 |
| P | 5,4 | 1.597,9 | 4,4 | 1.491,8 | 1,7 |
| Q | 4,1 | 1.214,2 | 3,1 | 1.162,3 | 2,0 |
| R | 1,5 | 438,3 | 8,1 | 407,1 | 6,0 |
| S | 1,3 | 389,1 | 4,0 | 360,7 | 2,3 |
| T | 0,7 | 210,6 | -0,1 | 189,4 | -0,1 |
| Taxes minus subsidies | – | 3.962,5 | 8,2 | 3.238,3 | 3,3 |
Financial activities:
A: Agriculture, forestry and fisheries
B: Mines and quarries
C: Manufacturing
D: Electricity, Gas, Steam and Air Conditioning Supply
E: Water Supply, Wastewater Treatment, Waste Management and Sanitation Activities
F: Construction
G: Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles
H: Transportation and Storage
I: Accommodation and Food Services Activities
J: Information and Communication
K: Financial and Insurance Activities
L: Real Estate Management
M: Professional, scientific and technical activities
N: Administrative and Support Activities
O: Public Administration and Defence; Compulsory Social Security
P: Education
Q: Activities Related to Human Health and Social Care
R: Arts, Entertainment Entertainment
S: Repair of Household Goods and Other Activities
T: Activities of households as employers
| Table 2: Gross Domestic Product (GDP) – Expenditure Approach | ||||
| Type of | GDP at Current Prices | GDP in Volume Measurements | ||
| Euro (millions) |
Change (%) |
Euro (millions) |
Change (%) |
|
| 2024 | 2024/2023 | 2024 | 2024/2023 | |
| Gross Domestic Product (GDP) | 33.414,4 | 6,6 | 27.889,3 | 3,4 |
| Public consumption | 6.260,6 | 7,6 | 4.972,6 | 2,5 |
| Private consumption | 19.766,8 | 5,7 | 17.343,4 | 3,8 |
| Gross capital | 6.423,4 | -0,1 | 5.177,9 | -5,8 |
| Exports of goods and services | 32.497,3 | 6,9 | 28.406,5 | 5,6 |
| Minus: Imports of goods and services | 31,533.7 | 5.1 | 28,188.6 | 3.7 |
Methodological Information
Purpose
The GDP estimate for the year 2024, two months after the end of the reference year, is to provide the first estimate of the growth rate of the Cypriot economy, while providing information on the main variables of the production, expenditure and income approach.
Calculation and Methodology
The level of GDP in Cyprus is determined by the production and expenditure approaches, while for the income approximation, an indirect calculation is made in terms of the operating surplus.
The Annual National Accounts are produced in current values, volume measurements and at previous year’s prices, published and transmitted to Eurostat two and nine months after the end of the reference year.
The Annual National Accounts are prepared in accordance with the European System of Accounts (ESA 2010) as defined in Regulation (EU) No. 549/2013 of the European Parliament and of the Council of 21 May 2013.
Production approach
The calculation of GDP is mainly based on the results of the Statistical Office’s annual economic surveys and quarterly short-term indicators, administrative sources, General Government data and adjustments calculated on the basis of the European System of Accounts 2010 (ESA 2010).
Cost approach
The calculation of GDP is based on the calculation data of Private and Public Consumption, Gross Fixed Capital Formation, the change in stocks and the external balance of goods and services (Exports minus Imports).
Income Approach
The calculation of GDP is the sum of the incomes of the economy as a whole and consists of the income of dependent labour, taxes on production and imports minus subsidies and the gross operating surplus including gross income.
Data Source
For the production of estimates of the Annual National Accounts, the following data are entered into the calculation system:
– short-term economic indicators by economic activity,
– administrative data,
– annual financial surveys,
– General Government data,
– Private and Public Consumption data,
– Gross Fixed Capital Formation data,
– change in stocks,
– external balance of goods and services,
– price indices.
For more information, interested parties can visit the Statistical Service Portal, subtopic National Accounts, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Mr. Dimitris Ioannou by phone at 22605128 or by e-mail at dioannou@cystat.mof.gov.cy
