Nicosia: Gross Domestic Product (GDP) for Cyprus in 2024 has been reported at £33,567.7 million at current market prices, reflecting updates in the National Accounts. These updates incorporate modifications in the Balance of Payments (BOP) and Government Finance Statistics (GFS), as well as a change in the base year from 2010 to 2019 for calculating volume measures.
According to Cyprus News Agency, the GDP at volume measures was recorded at £28,749.6 million, confirming a positive economic growth rate of 3.4% in real terms for 2024. The Cyprus Statistical Service attributed this growth predominantly to several key sectors. The “Hotels and Restaurants” sector, ‘Information and Communication’, ‘Construction’, and ‘Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles’ were highlighted as major contributors to the positive growth rate using the production approach for estimating GDP in real terms.