Cyprus's GDP changed from approximately $2B 314M in 1980 to $34B 220M in 2024, showing an overall 1378.9% sharply increased during the period.
The lowest GDP was recorded in 1981 at $2B 242M, and the highest in 2024 at $34B 220M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 6.3%.
For comparison, the average annual growth rate of Turkey was 5.7%, and that of Greece was 3.4%.
Cyprus GDP from 1980 to 2024
The total market value of goods and services produced annually in Cyprus.
Overview of Cyprus's GDP (1980–2024)
The Gross Domestic Product (GDP) of Cyprus recorded a 1378.9% sharply increased from 1980 to 2024.
The average GDP during this period was $15B 298M, and the median was $11B 422M.
GDP fluctuated within a range of $31B 978M, with a standard deviation of $10B 17M.
The average annual change was $730M 202K.
Highest and Lowest GDP Records
- Lowest GDP: 1981, $2B 242M
- Highest GDP: 2024, $34B 220M
- Most Recent GDP: 2024, $34B 220M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Cyprus's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $25B 950M → $25B 207M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $24B 82M → $26B 20M
- Outcome: increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $9B 988M → $10B 397M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $9B 544M → $10B 251M
- Outcome: increased
Key Economic Indicators of Cyprus (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 5.92 % | $ 2B 314M | $ 3B 8M | $ 4,549.59 | $ 5,914.59 | 28.65 % | 509,000 people | -11.164 % | 0 % |
1981 | 3.051 % | $ 2B 242M | $ 3B 393M | $ 4,352.50 | $ 6,588.81 | 29.56 % | 515,000 people | -7.664 % | 0 % |
1982 | 6.279 % | $ 2B 319M | $ 3B 829M | $ 4,452.67 | $ 7,352.40 | 27.41 % | 521,000 people | -7.683 % | 0 % |
1983 | 5.307 % | $ 2B 321M | $ 4B 190M | $ 4,399.22 | $ 7,942.12 | 23.93 % | 528,000 people | -8.835 % | 0 % |
1984 | 8.837 % | $ 2B 447M | $ 4B 725M | $ 4,575.65 | $ 8,835.36 | 28 % | 535,000 people | -9.057 % | 0 % |
1985 | 4.746 % | $ 2B 611M | $ 5B 106M | $ 4,824.67 | $ 9,436.18 | 26.72 % | 541,000 people | -6.904 % | 0 % |
1986 | 3.583 % | $ 3B 317M | $ 5B 395M | $ 6,057.90 | $ 9,854.46 | 27.09 % | 548,000 people | -0.57 % | 0 % |
1987 | 7.139 % | $ 3B 979M | $ 5B 924M | $ 7,188.22 | $ 10,702.29 | 24.64 % | 554,000 people | -0.193 % | 0 % |
1988 | 8.317 % | $ 4B 589M | $ 6B 643M | $ 8,204.30 | $ 11,876.72 | 24.65 % | 559,000 people | -2.344 % | 0 % |
1989 | 8.088 % | $ 4B 901M | $ 7B 461M | $ 8,635.76 | $ 13,147.92 | 25.44 % | 568,000 people | -5.074 % | 0 % |
1990 | 7.402 % | $ 6B 3M | $ 8B 314M | $ 10,360 | $ 14,348.66 | 22.69 % | 579,000 people | -2.571 % | 0 % |
1991 | 0.74 % | $ 6B 195M | $ 8B 658M | $ 10,413.73 | $ 14,554.33 | 17.54 % | 595,000 people | -6.784 % | 0 % |
1992 | 9.365 % | $ 7B 424M | $ 9B 685M | $ 12,158.60 | $ 15,861.43 | 18.18 % | 611,000 people | -8.596 % | 0 % |
1993 | 0.701 % | $ 7B 98M | $ 9B 984M | $ 11,342.41 | $ 15,954 | 23.99 % | 626,000 people | 1.546 % | 0 % |
1994 | 5.899 % | $ 8B 4M | $ 10B 799M | $ 12,525.32 | $ 16,899.41 | 24.62 % | 639,000 people | 0.929 % | 0 % |
1995 | 9.924 % | $ 9B 937M | $ 12B 119M | $ 15,396.92 | $ 18,777.89 | 25.98 % | 645,000 people | -2.065 % | 0.237 % |
1996 | 1.248 % | $ 10B 16M | $ 12B 495M | $ 15,260.55 | $ 19,037.79 | 20.98 % | 656,000 people | -4.67 % | -1.639 % |
1997 | 2.641 % | $ 9B 544M | $ 13B 46M | $ 14,324.09 | $ 19,579.84 | 20.72 % | 666,000 people | -4.384 % | -3.375 % |
1998 | 6.111 % | $ 10B 251M | $ 13B 999M | $ 15,181.80 | $ 20,732.99 | 23.07 % | 675,000 people | 2.846 % | -1.841 % |
1999 | 4.998 % | $ 10B 502M | $ 14B 907M | $ 15,379.99 | $ 21,830.06 | 19.32 % | 683,000 people | -1.622 % | -1.986 % |