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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
