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Cyprus economy ranking: GDP & GDP per capita, debt

Updated on by Georank team

Cyprus ranked 103/197 by economy size with a GDP of $37.6B and 45/197 by GDP per capita at $27,707. Cyprus has $24.5B in government debt, with a debt-to-GDP ratio of 65.1%.

In 2024, Cyprus made up 0.03% of the world's economy, compared to 0.008% in 1975.

Cyprus GDP & GDP growth by year

GDP, current $
Real growth
1x
Year GDP GDP growth
2024 $37,634,533,332 3.94%
2023 $35,075,423,857 3.62%
2022 $31,218,038,929 8.27%
2021 $30,372,642,502 11.4%
2020 $25,555,093,854 -3.22%
2019 $26,196,667,100 5.88%
2018 $25,754,001,368 6.27%
2017 $22,946,570,629 5.75%
2016 $21,046,462,281 6.57%
2015 $19,909,278,417 3.42%
2014 $23,225,918,260 -1.78%
2013 $23,959,712,861 -6.59%
2012 $25,047,436,975 -3.45%
2011 $27,641,549,302 0.42%
2010 $25,799,940,078 2.28%
2009 $26,048,179,949 -2.02%
2008 $27,844,646,258 3.65%
2007 $23,968,727,074 5.1%
2006 $20,072,754,987 4.71%
2005 $18,433,412,511 4.85%
2004 $17,320,551,250 5.03%
2003 $14,547,329,558 2.62%
2002 $11,420,228,846 3.72%
2001 $10,397,898,907 3.95%
2000 $9,985,847,314 5.97%
1999 $10,497,907,228 5%
1998 $10,248,618,778 6.11%
1997 $9,547,816,420 2.64%
1996 $10,011,914,680 1.25%
1995 $9,933,137,128 8.36%
1994 $7,425,703,929 5.9%
1993 $6,590,291,048 0.7%
1992 $6,912,150,456 9.4%
1991 $5,770,197,348 0.74%
1990 $5,591,130,218 7.4%
1989 $4,563,482,604 7.95%
1988 $4,278,792,597 8.65%
1987 $3,704,813,886 7.07%
1986 $3,090,734,463 3.7%
1985 $2,430,411,900 4.88%
1984 $2,278,248,953 8.76%
1983 $2,160,364,071 5.58%
1982 $2,159,242,417 6.02%
1981 $2,087,496,374 2.52%
1980 $2,154,311,277 5.75%
1979 $1,288,699,776 9.91%
1978 $964,024,364 7.78%
1977 $734,876,021 16.4%
1976 $576,090,074 20.3%
1975 $489,912,574 -

Data sources: World Bank | Economy & Growth (1975–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus | CC BY

Cyprus GDP per capita by year

GDP per capita
GDP per capita, PPP
1x
Year Current $
GDP per capita GDP per capita, PPP
2024 $27,707 $63,007
2023 $26,079 $59,875
2022 $23,448 $55,876
2021 $23,057 $47,633
2020 $19,624 $42,569
2019 $20,360 $44,394
2018 $20,267 $40,262
2017 $18,295 $37,768
2016 $17,013 $35,247
2015 $16,326 $31,380
2014 $19,326 $29,893
2013 $20,238 $30,416
2012 $21,493 $31,924
2011 $24,110 $33,406
2010 $22,876 $33,502
2009 $23,480 $33,901
2008 $25,522 $34,830
2007 $22,344 $32,888
2006 $19,037 $30,009
2005 $17,790 $27,763
2004 $17,016 $25,942
2003 $14,553 $24,278
2002 $11,636 $23,556
2001 $10,785 $22,866
2000 $10,537 $21,296
1999 $11,273 $19,663
1998 $11,206 $18,760
1997 $10,637 $17,781
1996 $11,373 $17,320
1995 $11,514 $17,096
1994 $8,791 $15,735
1993 $7,978 $14,852
1992 $8,530 $14,759
1991 $7,222 $13,546
1990 $7,092 $13,348
1989 $5,870 -
1988 $5,584 -
1987 $4,908 -
1986 $4,159 -
1985 $3,324 -
1984 $3,167 -
1983 $3,055 -
1982 $3,100 -
1981 $3,030 -
1980 $3,154 -
1979 $1,902 -
1978 $1,434 -
1977 $1,102 -
1976 $870 -
1975 $743 -

Data sources: World Bank | Economy & Growth (1975–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus | CC BY

Cyprus has a GDP per capita of $27,707, ranking 45/197, a GDP per capita based on purchasing power parity (PPP) of $63,007, ranking 29/197, and a median annual after tax income of $25,384, ranking 32/197.

Cyprus GDP rankings by year

GDP
GDP per capita
GDP per capita, PPP
1x
Year Rank
GDP GDP per capita GDP per capita, PPP
2024 102 42 25
2023 102 44 29
2022 105 45 29
2021 103 44 33
2020 105 45 32
2019 106 45 33
2018 108 45 35
2017 111 48 37
2016 109 50 37
2015 111 51 40
2014 105 49 42
2013 105 46 40
2012 105 41 36
2011 100 40 34
2010 99 38 33
2009 93 36 32
2008 92 37 32
2007 87 38 32
2006 88 39 33
2005 85 38 31
2004 84 37 34
2003 86 38 35
2002 89 42 35
2001 89 42 36
2000 89 42 37
1999 89 39 37
1998 89 37 36
1997 90 39 35
1996 83 38 33
1995 84 36 33
1994 85 39 34
1993 89 39 34
1992 90 37 34
1991 96 42 36
1990 99 43 36
1989 90 41 -
1988 92 41 -
1987 95 41 -
1986 92 41 -
1985 95 46 -
1984 97 49 -
1983 99 45 -
1982 99 43 -
1981 100 47 -
1980 97 46 -
1979 98 58 -
1978 103 63 -
1977 108 66 -
1976 114 69 -
1975 115 71 -

Data sources: World Bank | Economy & Growth (1975–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus | CC BY

Compared with 2000, in 2024 Cyprus is ranked 102nd out of 182 by GDP (down from 89th), 42nd by GDP per capita (unchanged from 42nd), and 25th by GDP per capita PPP (up from 37th).

Economic indicators

Cyprus Rank
Gross domestic product
$37.6B
2024
103/197
GDP growth
3.94%
2023-2024
71/194
GDP per capita
$27,707
2024
45/197
GDP per capita, PPP
$63,007
2024
29/197
Government debt
$24.5B
2024
95/185
Debt-to-GDP ratio
65.1%
2024
68/185
Government debt per person
$18,034
2024
34/185
Average annual personal income after taxes
$25,384
2026
32/197
Listed domestic companies
93
2024
51/103
Market capitalization of domestic companies
$10.9B
2024
66/100
Number of billionaires
10
2025
33/78
Billionaire frequency
1 in 107,282
2025
4/78
Income share by richest 10%
26.3%
2023
96/169
Income share by poorest 10%
3.6%
2023
29/169
Government expenditure, % of GDP
40%
2024
50/195
Consumer prices inflation
1.8%
2023-2024
145/195
Unemployment rate
4.87%
2024
110/196
Population
1386362
155/197

Government spending, deficit, and debt by year

Spending
Debt
Deficit/surplus
1x
Year % of GDP
Government spending Government debt Government deficit/surplus
2024 40% 65.1% 4.28%
2023 42% 73.6% 1.7%
2022 38% 81.1% 2.65%
2021 42.6% 96.5% -1.64%
2020 45.9% 113.6% -5.57%
2019 40.3% 92.3% 1.03%
2018 44.3% 100.7% -3.36%
2017 38.4% 96.4% 2.13%
2016 39.6% 106.8% 0.45%
2015 43% 111.6% -0.77%
2014 52.1% 113% -8.8%
2013 42.1% 102.7% -5.16%
2012 41.9% 79.2% -5.55%
2011 42.1% 64.8% -5.65%
2010 41.7% 55.3% -4.68%
2009 41.9% 52.8% -5.43%
2008 38.2% 44.1% 0.87%
2007 37.6% 53.1% 3.23%
2006 39.1% 59% -1.04%
2005 39.7% 64% -2.22%
2004 38.6% 64.7% -3.71%
2003 40.4% 63% -5.91%
2002 37.4% 61% -4.13%
2001 35.7% 57.5% -2.11%
2000 35% 56% -2.24%
1999 34.3% 55.7% -4.05%
1998 34.4% 55% -3.85%
1997 34.2% 53.5% -4.82%
1996 32.4% 48.8% -2.96%
1995 30.4% 46.7% -0.71%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/cyprus | CC BY

This chart shows Cyprus' government spending, budget balance, and debt over time, each expressed as a share of GDP.

Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of them, with an average annual deficit equal to 2.27% of GDP. In 2024, government spending reached $15B (40% of GDP), with a surplus of 4.28%.

The national debt reached $24.5B, ranking 95th out of 185 countries by total size, with a debt-to-GDP ratio of 65.1%, ranking 68th.

Inflation rate by year

1x
Year Inflation
2024 1.8%
2023 3.54%
2022 8.4%
2021 2.45%
2020 -0.64%
2019 0.25%
2018 1.44%
2017 0.53%
2016 -1.43%
2015 -2.1%
2014 -1.35%
2013 -0.4%
2012 2.39%
2011 3.29%
2010 2.43%
2009 0.33%
2008 4.67%
2007 2.37%
2006 2.3%
2005 2.56%
2004 2.29%
2003 4.14%
2002 2.8%
2001 1.97%
2000 4.14%
1999 1.63%
1998 2.23%
1997 3.61%
1996 2.98%
1995 2.62%
1994 4.7%
1993 4.85%
1992 6.51%
1991 5.04%
1990 4.5%
1989 3.77%
1988 3.43%
1987 2.79%
1986 1.22%
1985 5.03%
1984 5.99%
1983 5.05%
1982 6.43%
1981 10.7%
1980 13.5%
1979 9.46%
1978 7.44%
1977 7.33%
1976 3.85%
1975 4.64%
1974 16.2%
1973 7.81%
1972 4.83%
1971 4.14%
1970 2.4%
1969 2.39%
1968 3.77%
1967 0.7%
1966 0.51%
1965 0.2%
1964 -0.3%
1963 1.96%
1962 0.1%
1961 -0.62%
1960 0.83%

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus | CC BY

Over the past 20 years, Cyprus has had an average annual inflation rate of 1.64%. In 2024, inflation was 1.8%. The bar chart above shows consumer price inflation by year.

Balance of trade

Cyprus Rank
Current account balance
-$3.07B
2024
157/190
Current account balance, % of GDP
-8.16%
2024
156/190
Goods imports
$11.9B
2024
102/189
Goods exports
$4.43B
2024
124/189
Service imports
$23.2B
2024
46/189
Service exports
$32.1B
2024
41/189
Imports of goods and services, % of GDP
93.4%
2024
13/181
Exports of goods and services, % of GDP
97%
2024
8/193

Cyprus top 10 trading partners

Cyprus' biggest trading partner accounting for 13.5% of all exports and imports is Greece, with a trade balance between the two of -$3.29B: Cyprus exports $1.09B worth of goods and services to Greece and imports $4.38B.

Below is the list of the top 10 trade partners of Cyprus.

Rank Country Trade value Share of total trade Export to Import from Top export to Top import from
1 Greece $5.47B 13.5% $1.09B $4.38B Transport & tourism services Transport & tourism services
2 United States $5.05B 12.5% $4.04B $1.01B IT & IP services IT & IP services
3 United Kingdom $3.87B 9.58% $2.43B $1.44B Transport & tourism services Transport & tourism services
4 Germany $3.65B 9.02% $1.97B $1.68B Transport & tourism services Business & finance services
5 Ireland $2.24B 5.55% $1.81B $431M IT & IP services IT & IP services
6 Israel $1.89B 4.67% $341M $1.55B Animal & marine products Raw materials & minerals
7 Italy $1.36B 3.37% $170M $1.19B Business & finance services Machinery & equipment
8 China $1.26B 3.12% $85.3M $1.18B Transport & tourism services Machinery & equipment
9 Netherlands $1.22B 3.01% $321M $896M Transport & tourism services Transport & tourism services
10 Russia $1.12B 2.78% $945M $179M Business & finance services Raw materials & minerals

Top 10 exports

Cyprus Rank
Transport & tourism services $8.41B 51/188
IT & IP services $8.24B 25/183
Business & finance services $7B 39/188
Raw materials & minerals $1.75B 96/193
Machinery & equipment $1.06B 82/193
Chemicals & pharma $702M 81/193
Animal & marine products $427M 75/192
Manufacturing & construction services $288M 66/164
Processed food, beverages & tobacco $177M 121/192
Government & miscellaneous services $169M 61/180

Top 10 imports

Cyprus Rank
Business & finance services $6.22B 42/188
Transport & tourism services $5.12B 65/188
IT & IP services $4.94B 34/182
Machinery & equipment $3.93B 94/193
Raw materials & minerals $3.24B 92/193
Chemicals & pharma $1.61B 97/193
Processed food, beverages & tobacco $1.26B 89/193
Textiles & consumer goods $1.23B 91/193
Metals $581M 115/193
Raw agricultural goods $424M 115/193

Economic freedom indices

Cyprus Rank
Economic freedom 74.1 21/197
Property rights 85.1 32/182
Government integrity 59.7 48/182
Judicial effectiveness 89.8 22/182
Tax burden 80.8 80/182
Government spending 52.1 135/180
Fiscal health 91.5 47/181
Business freedom 82.3 25/182
Labor freedom 60.3 49/182
Monetary freedom 78.7 28/180
Trade freedom 79.4 34/181
Investment freedom 70 28/181
Financial freedom 60 43/181

Economic freedom by year

1x
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
2026 74.1 89.8 80.8 52.1 91.5
2025 73.2 89.2 79.9 51.2 85.2
2024 72.2 88.7 79.9 45.5 79.3
2023 72.3 58.8 80.8 45.8 73.3
2022 72.9 90.9 80.3 44.3 71.2
2021 71.4 57.9 80.2 52.1 82
2020 70.1 50.5 74.8 58.6 80
2019 68.1 48.1 74.9 55.2 80.3
2018 67.8 56.7 75.2 52.9 79.3
2017 67.9 60.7 73 48.8 72.9
2016 68.7 - 76.1 47.3 -
2015 67.9 - 79.5 36.7 -
2014 67.6 - 79.7 36.2 -
2013 69 - 79.8 32.7 -
2012 71.8 - 83.3 37.1 -
2011 73.3 - 74.6 45.6 -
2010 70.9 - 72.7 44.8 -
2009 70.8 - 76.6 42.2 -
2008 71.3 - 78.2 43 -
2007 71.7 - 79.4 44.8 -
2006 71.8 - 79.1 48.3 -
2005 71.9 - 79 57.4 -
2004 74.1 - 81.4 56.2 -
2003 73.3 - 70.7 59.8 -
2002 73 - 71.2 58.9 -
2001 71 - 71.4 58.9 -
2000 67.2 - 71.7 54.4 -
1999 67.8 - 71.2 62.4 -
1998 68.2 - 71.1 67.7 -
1997 67.9 - 71.3 67.9 -
1996 67.7 - 71.9 67.9 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/cyprus | CC BY

Cyprus is ranked 18/174 for economic freedom with a score of 74.1, compared to 20/162 and a score of 71.8 in 2006.

Other economic metrics

Cyprus Rank
Services, % of GDP
76.5%
2024
9/191
Industry, % of GDP
11.1%
2024
179/194
Agriculture, forestry, and fishing, % of GDP
1.16%
2024
169/193
GNI, Atlas method
$32B
2024
105/194
GNI per capita, PPP
$56,200
2024
34/191
Total reserves including gold
$2.09B
2024
124/177
Net foreign direct investment
-$5.49B
2024
168/189
Net inflows of foreign direct investment
-$50.4B
2024
190/193
Net outflows of foreign direct investment
-$55.9B
2024
191/193
Poverty at national poverty lines
13.9%
2021
138/176
Gross capital formation, % of GDP
20.7%
2024
116/178

Compare Cyprus vs other countries

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/cyprus | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2023–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.