Cyprus Economy In 2024: Growth In Key Sectors, But Trade Faces Challenges

by THEFUTURE.TEAM

February 13, 2025

Cyprus experienced notable economic growth in 2024, driven by increases in construction, manufacturing, tourism, and vehicle registrations. However, trade performance weakened, with both imports and exports declining. The latest data from CySTAT provides a comprehensive overview of these trends.

Key Figures

Construction Growth: Building permits reached 1.72 million square meters (January–August 2024), an 18% increase compared to the same period in 2023.
Manufacturing Expansion: Industrial production rose 1.8% from January to November 2024, reflecting steady growth in the sector.
Increase in Vehicle Registrations: Total vehicle registrations grew 9.1%, reaching 49,616; Private saloon car registrations increased 11.2%, while light goods vehicle sales surged 36.1%.
Consumer Price Index: Inflation remained moderate, with the CPI rising 1.8% for the year.
Tourism Growth: Tourist arrivals reached 4,040,200, marking a 5.1% increase compared to 2023.
Decline in Trade Performance: Imports fell 7%, totaling €12.26 billion; Exports declined 12.5%, amounting to €4.12 billion.

The data highlights strong domestic economic activity but also signals potential challenges in external trade.

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Cyprus Retail Sector Posts Strong February 2026 Growth: An In-Depth Analysis

by THEFUTURE.TEAM

April 2, 2026

Overview Of Retail Sector Growth

The Cyprus Statistical Service (Cystat) has revealed notable progress in Cyprus’ retail market, reporting a robust year-on-year increase for February 2026. This data underscores the steady expansion of the sector and reflects sustained consumer and business confidence.

Key Metrics And Business Implications

Data show that the Turnover Value Index of Retail Trade, excluding motor vehicles, increased by 3.3% compared to February 2025. Over the same period, the Turnover Volume Index rose by 4.1%, pointing to growth in real sales rather than price-driven changes. Combined, these indicators suggest higher consumer spending and stronger retail activity across the market.

Methodology And Analytical Rigor

Cystat compiles the data through monthly surveys conducted via telephone and email with businesses. All indices use 2021 as the base year, set at 100. An index level above 100 reflects growth relative to that baseline. For example, a reading of 105.3 corresponds to a 5.3% increase compared to 2021 levels.

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Strategic Insights For Stakeholders

The dataset provides a structured view of retail performance for businesses, investors, and policymakers. Figures exclude value-added tax while including other applicable duties, offering a consistent basis for tracking market trends. These indicators are used to assess consumption patterns and support planning across the retail sector.

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