Cyprus GDP Trends from 1980 to 2024: A overall increase with some decline Flow

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%.

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.


Cyprus GDP from 1980 to 2024

The total market value of goods and services produced annually in Cyprus.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1980
    $ 2B 314M
    $ 4,549.59
    $ 5,914.59
    $ 3B 8M
    5.92 %
    -11.164 %
    28.65 %
    0 %
    509,000 people
    1981
    $ 2B 242M
    $ 4,352.50
    $ 6,588.81
    $ 3B 393M
    3.051 %
    -7.664 %
    29.56 %
    0 %
    515,000 people
    1982
    $ 2B 319M
    $ 4,452.67
    $ 7,352.40
    $ 3B 829M
    6.279 %
    -7.683 %
    27.41 %
    0 %
    521,000 people
    1983
    $ 2B 321M
    $ 4,399.22
    $ 7,942.12
    $ 4B 190M
    5.307 %
    -8.835 %
    23.93 %
    0 %
    528,000 people
    1984
    $ 2B 447M
    $ 4,575.65
    $ 8,835.36
    $ 4B 725M
    8.837 %
    -9.057 %
    28 %
    0 %
    535,000 people
    1985
    $ 2B 611M
    $ 4,824.67
    $ 9,436.18
    $ 5B 106M
    4.746 %
    -6.904 %
    26.72 %
    0 %
    541,000 people
    1986
    $ 3B 317M
    $ 6,057.90
    $ 9,854.46
    $ 5B 395M
    3.583 %
    -0.57 %
    27.09 %
    0 %
    548,000 people
    1987
    $ 3B 979M
    $ 7,188.22
    $ 10,702.29
    $ 5B 924M
    7.139 %
    -0.193 %
    24.64 %
    0 %
    554,000 people
    1988
    $ 4B 589M
    $ 8,204.30
    $ 11,876.72
    $ 6B 643M
    8.317 %
    -2.344 %
    24.65 %
    0 %
    559,000 people
    1989
    $ 4B 901M
    $ 8,635.76
    $ 13,147.92
    $ 7B 461M
    8.088 %
    -5.074 %
    25.44 %
    0 %
    568,000 people
    1990
    $ 6B 3M
    $ 10,360
    $ 14,348.66
    $ 8B 314M
    7.402 %
    -2.571 %
    22.69 %
    0 %
    579,000 people
    1991
    $ 6B 195M
    $ 10,413.73
    $ 14,554.33
    $ 8B 658M
    0.74 %
    -6.784 %
    17.54 %
    0 %
    595,000 people
    1992
    $ 7B 424M
    $ 12,158.60
    $ 15,861.43
    $ 9B 685M
    9.365 %
    -8.596 %
    18.18 %
    0 %
    611,000 people
    1993
    $ 7B 98M
    $ 11,342.41
    $ 15,954
    $ 9B 984M
    0.701 %
    1.546 %
    23.99 %
    0 %
    626,000 people
    1994
    $ 8B 4M
    $ 12,525.32
    $ 16,899.41
    $ 10B 799M
    5.899 %
    0.929 %
    24.62 %
    0 %
    639,000 people
    1995
    $ 9B 937M
    $ 15,396.92
    $ 18,777.89
    $ 12B 119M
    9.924 %
    -2.065 %
    25.98 %
    0.237 %
    645,000 people
    1996
    $ 10B 16M
    $ 15,260.55
    $ 19,037.79
    $ 12B 495M
    1.248 %
    -4.67 %
    20.98 %
    -1.639 %
    656,000 people
    1997
    $ 9B 544M
    $ 14,324.09
    $ 19,579.84
    $ 13B 46M
    2.641 %
    -4.384 %
    20.72 %
    -3.375 %
    666,000 people
    1998
    $ 10B 251M
    $ 15,181.80
    $ 20,732.99
    $ 13B 999M
    6.111 %
    2.846 %
    23.07 %
    -1.841 %
    675,000 people
    1999
    $ 10B 502M
    $ 15,379.99
    $ 21,830.06
    $ 14B 907M
    4.998 %
    -1.622 %
    19.32 %
    -1.986 %
    683,000 people