Cyprus experienced a whirlwind of economic updates this week, with key highlights in unemployment, economic growth, government revenues, and tourism figures.
Unemployment Rises Slightly
According to Eurostat, unemployment in Cyprus increased to 5 percent in January 2025, up from 4.9 percent the previous month.
The unemployment rate was 5.3 percent in January 2024.
Impressive Economic Growth and Boost in Government Revenues
The Cypriot Statistics Unit revealed that the economy grew by a robust 3.4 percent in 2024 in real terms, with a notable 6.6 percent change in GDP at current prices.
Government revenues saw a substantial boost, increasing by 1.1 billion euros in 2024 compared to the previous year, mainly driven by tax revenues.
The first financial results for January-December 2024 showed a 1.5 billion euro increase (4.5 percent of GDP), compared to a 631.5 million euro increase in the same period of 2023 (2 percent of GDP).
Total revenues for January-December 2024 reached 14.8 billion euros, up from 13.8 billion euros in 2023.
Tourism Revenues Soar
Tourism revenues in 2024 soared, with a 7.3 percent increase compared to 2023.
December 2024 saw a remarkable 17 percent jump in tourism revenues compared to the previous year, rising from 74.3 million euros in December 2023 to 86.9 million euros in December 2024.
Total tourism revenues for January-December 2024 amounted to 3.2 billion euros, up from 3.0 billion euros in 2023.