Cyprus’ GDP hits €31.34 billion in 2023, 6,5%

Cyprus’ gross domestic product (GDP) in nominal terms (current prices) reached €31.34 billion in 2023.

This marks a growth rate of 6.5 per cent, according to the major revision of national accounts for 1995–2022 and the updated 2023 estimate from the Cyprus Statistical Service (Cystat).

In real terms (volume measurements), the GDP growth rate was revised to 2.6 per cent, up from the previous estimate of 2.5 per cent, with real GDP amounting to €26.96 billion.

What are the key sectors contributing to Cyprus’ economic growth?

In terms of current prices, the largest sector contributing to gross value added (GVA) was wholesale and retail trade, including the repair of motor vehicles and motorcycles, generating €3.31 billion, corresponding to a share of 12 per cent of the total GVA.

The information and communication sector followed closely, contributing €3.09 billion, corresponding to a share of 11.2 per cent.

Real estate activities came in third, contributing €2.83 billion, with a share of 10 per cent of total GVA.

The financial and insurance sector was not far behind with a contribution of €2.8 billion and a share of 10.1 per cent.

Rounding out the top five sectors were professional, scientific, and technical activities, contributing €2.02 billion, corresponding to a share of 7.3 per cent of the total GVA.

Why was there a revision?

The major revision of the national accounts for the period 2018–2022 is attributed to changes in sources and methods, as well as regular revisions.

The key updates for the 2018–2022 period relate to adjustments made during the planned verification cycle for GDP and GNI compilation, including the incorporation of data from the 2021 population and housing census, the 2023 household budget survey, and changes in public finance statistics.