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 Remains Among EU’s Lowest Renewable Electricity Producers

by THEFUTURE.TEAM

July 27, 2026

Cyprus remained among the European Union’s weakest performers in renewable energy adoption in 2025, with renewables accounting for 27.5% of gross electricity consumption, according to new data published by Eurostat.

Across the EU, renewable sources supplied 49.9% of gross electricity consumption last year, bringing the bloc close to generating half of its electricity from renewable energy.

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Cyprus Remains Among The EU’s Lowest Performers

Cyprus ranked among the EU countries with the lowest share of renewable electricity, ahead of only Malta at 11.2%, the Czech Republic at 19.2%, Luxembourg at 23.3% and Slovakia at 24.1%.

Across the country’s broader energy system, renewables accounted for 21.5% of gross final energy consumption in 2025.

EU Renewable Electricity Continues To Grow

Renewables supplied 49.9% of gross electricity consumption across the EU in 2025, up from 47.5% a year earlier. Since Eurostat began collecting comparable data in 2004, the share has risen from 15.9%.

Austria recorded the highest share at 90.8%, followed by Sweden at 89.2%. Denmark generated 77.7% of its electricity from renewable sources, followed by Portugal at 65.6%, Greece at 60.9% and Spain at 60.7%.

Overall Energy Transition Still Has Work Ahead

Renewables accounted for 26.2% of the EU’s gross final energy consumption in 2025, up from 25.2% in 2024 and 9.6% in 2004.

Despite the increase, the bloc remains below its legally binding target of 42.5% by 2030. According to Eurostat, achieving that goal will require an average annual increase of 3.3 percentage points between 2026 and 2030.

Sweden recorded the highest overall renewable energy share at 65.4%, followed by Finland at 53% and Denmark at 48.2%. Belgium recorded the lowest share at 14.9%, followed by Slovakia at 16.3% and Ireland at 17.2%.

Heating And Cooling Also Show Steady Progress

Renewable energy accounted for 27.4% of heating and cooling across the EU in 2025, the highest level since comparable records began in 2004. The share increased by 0.7 percentage points from 2024, slightly below the long-term annual average increase of 0.75 percentage points.

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