Cyprus has emerged as a leader in economic growth within the European Union, achieving the fastest GDP growth rates across member states. According to George Papanastasiou, Minister of Energy, Commerce, Industry, and Tourism, the nation’s success is a testament to the business community’s hard work and innovative strategies.
Recent Eurostat data highlights Cyprus’s 3.8% year-on-year GDP growth for the third quarter of 2024, placing the country at the top of EU economic rankings. Speaking at the Annual General Meeting of the Larnaca Chamber of Commerce and Industry, Minister Papanastasiou celebrated this achievement as a reflection of the country’s robust economic framework and commitment to progress.
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He further noted Cyprus’s thriving export performance, with data showing a 4% increase in exports from January to July 2024, reaching €1.22 billion. This growth underscores the nation’s efforts to strengthen its international trade footprint.
To ensure sustained success, the Ministry is advancing a new Strategy and Action Plan to promote service exports in key industries. At the heart of these initiatives is the introduction of a “Made in Cyprus” brand, designed to elevate the visibility of Cypriot products and services in global markets. Initially covering industrial goods, agricultural products, manufactured goods, and local handicrafts, the brand will eventually expand to include the services sector.
Minister Papanastasiou expressed optimism about the future, emphasizing the government’s dedication to creating more opportunities for success and fostering a competitive, export-driven economy. Cyprus’s strong performance sets a benchmark for growth and innovation in the region.
