FAMAGUSTA GAZETTE – Cyprus’ economy grew by 3.4% in real terms in 2024, with gross domestic product (GDP) reaching €33.57 billion ($38 billion) at current prices, according to preliminary data from the national statistical service.
Real GDP, measured in volume terms, stood at €28.75 billion.
The updated figures incorporate revised data from the balance of payments and public finance, as well as a shift in the base year for volume calculations from 2010 to 2019.
Key drivers of growth included strong performances in hospitality, information and communication, construction, and wholesale and retail trade, including motor vehicle repair.
The government reported a fiscal surplus of €1.44 billion, or 4.3% of GDP, while public debt fell to €21.83 billion, representing 65% of GDP.
These results were submitted as part of the European Commission’s excessive deficit procedure.