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Cyprus’ Economy Sees 3.4% Growth As GDP Climbs To €33.57 Billion

by News Editor

April 23, 2025

Despite global economic challenges, Cyprus has achieved a noteworthy economic growth rate of 3.4% in real terms for 2024, boosting its GDP to €33.57 billion at current prices. According to the latest report from the national statistical service, real GDP stands at €28.75 billion, with data revisions reflecting updates to the balance of payments and fiscal statistics as the base year shifts from 2010 to 2019.

Pivotal sectors driving this growth include hotels and restaurants, the ICT sector, construction, and wholesale & retail trade. These industries have displayed strong contributions using the production approach, positioning Cyprus as a resilient player in the European economic landscape. For a deeper dive into Cyprus’s economic health, take a look at Cyprus’ Progress Towards Schengen Membership: An In-Depth Look.

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Adding to the positive economic narrative, the government reports a fiscal surplus of €1.44 billion, representing 4.3% of GDP, while public debt has decreased to €21.83 billion (65% of GDP). Revenue surged by €1.18 billion over 2023, chiefly from VAT and income taxes, while property income fell. Expenditure rose modestly by 2.1% to €13.42 billion, with capital expenditure recording a notable decrease of 23.2%, reaching €1.21 billion.

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Cyprus Government Moves to Cut Electricity Prices

by THEFUTURE.TEAM

May 13, 2025

According to the government spokesman Konstantinos Letymbiotis, the Electricity Authority of Cyprus (EAC) and the energy regulator are set to meet this week to discuss a formula to lower the price of electricity.

This development comes from President Nikos Christodoulides’ remarks over the weekend, where he urged the EAC not to increase electricity rates. Christodoulides confirmed that he had a meeting with the EAC, asking them not to impose any increases at this juncture.

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The government spokesman emphasized that the current administration is committed to bringing down the price of electricity in any way possible. Letymbiotis noted that the state-run power utility and the regulator would make their own assessments based on the wider direction of the government regarding reductions in the coming time period.

It is worth noting that Cypriots pay the second-highest rates for electricity in Europe when adjusted for spending power, according to Eurostat data released last week. Only consumers in the Czech Republic paid more for their household energy bills than those in Cyprus.