Cyprus, an island nation in the Eastern Mediterranean, boasts a dynamic economy characterized by diverse sectors such as tourism, food and beverage processing, and ship repair. In 2023, Cyprus reported revenues of $14.39 billion, demonstrating a robust fiscal position. The economy also recorded expenditures of $13.733 billion, indicating a budget surplus. Exports have shown growth, rising from $32.563 billion in 2022 to an estimated $32.922 billion in 2023, with expectations of $35.12 billion by 2024. Imports have similarly increased, from $31.486 billion in 2022 to $32.556 billion in 2023. The labor force is projected to reach 772,300 in 2024, supporting the nation's economic activities. Cyprus's economy is deeply integrated into the global market, with trade playing a vital role. The exchange rate for the euro against the US dollar was 0.925 in 2023, reflecting the currency's stability. Search interest in terms like 'Cyprus GDP' and 'Cyprus economy' underscores global curiosity about this vibrant economic landscape. As Cyprus continues to navigate global economic trends, it stands as a noteworthy player within the region.
Budget
revenues
$14.39 billion (2023 est.)
expenditures
$13.733 billion (2023 est.)
Exports
Exports 2022
$32.563 billion (2022 est.)
Exports 2023
$32.922 billion (2023 est.)
Exports 2024
$35.12 billion (2024 est.)
Imports
Imports 2022
$31.486 billion (2022 est.)
Imports 2023
$32.556 billion (2023 est.)
Imports 2024
$33.802 billion (2024 est.)
Industries
the economy encompasses tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metallic products, wood, paper, stone, and clay products
Labor force
772,300 (2024 est.)
Public debt
Public debt 2017
97.5% of GDP (2017 est.)
Remittances
Remittances 2021
2.1% of GDP (2021 est.)
Remittances 2022
1.7% of GDP (2022 est.)
Remittances 2023
1.8% of GDP (2023 est.)
Exchange rates
Currency
euros (EUR) per US dollar -
Exchange rates 2020
0.876 (2020 est.)
Exchange rates 2021
0.845 (2021 est.)
Exchange rates 2022
0.95 (2022 est.)
Exchange rates 2023
0.925 (2023 est.)
Exchange rates 2024
0.924 (2024 est.)
Economic overview
this is a services-driven, high-income EU island economy; it heavily relies on tourism; has experienced sustained growth following the recovery of the national banking system and COVID-19 trade restrictions; enjoys high living standards; and serves as a recognized financial hub, with its stock exchange acting as an investment conduit between EU and EEU member nations
