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Economy of Cyprus vs Hungary compared: GDP & Debt

Updated on by Georank

Cyprus has a GDP of $41.2B compared to $246B for Hungary, ranking 103/197 and 55/197 by economy size, respectively.

Cyprus has $22.8B in government debt (55.3% of GDP), compared to $185B (75.2% of GDP) in Hungary.

Cyprus vs Hungary GDP by year

Cyprus
Hungary
1x
Year GDP, current $
Cyprus Hungary
2025 $41,225,787,247 $246,490,213,513
2024 $37,634,551,821 $222,848,211,034
2023 $35,075,440,603 $213,029,511,029
2022 $31,218,047,044 $177,002,580,544
2021 $30,372,637,513 $183,282,685,440
2020 $25,555,082,267 $158,468,487,754
2019 $26,196,660,680 $164,936,682,034
2018 $25,754,011,492 $161,184,691,014
2017 $22,946,583,376 $143,335,098,992
2016 $21,046,452,117 $128,983,560,865
2015 $19,909,269,065 $125,244,126,623
2014 $23,225,912,183 $141,128,696,412
2013 $23,959,708,956 $135,646,053,779
2012 $25,047,433,100 $128,470,269,690
2011 $27,641,553,201 $141,712,804,954
2010 $25,799,940,416 $131,898,737,241
2009 $26,048,190,775 $130,807,441,076
2008 $27,958,384,913 $158,228,265,916
2007 $23,968,727,074 $140,123,326,896
2006 $20,072,754,987 $115,604,111,412
2005 $18,433,412,511 $113,098,237,571
2004 $17,320,551,250 $104,015,363,080
2003 $14,547,329,558 $85,190,469,121
2002 $11,420,228,846 $67,636,468,625
2001 $10,397,898,907 $53,800,068,066
2000 $9,985,847,314 $47,275,954,429
1999 $10,497,907,228 $49,160,204,397
1998 $10,248,618,778 $48,784,412,624
1997 $9,547,816,420 $47,398,564,799
1996 $10,011,914,680 $46,833,767,124
1995 $9,933,137,128 $46,577,614,589
1994 $7,425,703,929 $43,307,949,890
1993 $6,590,291,048 $40,256,233,360
1992 $6,912,150,456 $38,857,339,125
1991 $5,770,197,348 $34,867,307,353
1990 $5,591,130,218 $34,478,360,679
1989 $4,563,482,604 $30,422,508,938
1988 $4,278,792,597 $29,799,838,597
1987 $3,704,813,886 $27,232,016,527
1986 $3,090,734,463 $24,778,163,812
1985 $2,430,411,900 $21,510,643,750
1984 $2,278,248,953 $21,242,726,264
1983 $2,160,364,071 $21,910,365,258
1982 $2,159,242,417 $24,141,667,188
1981 $2,087,496,374 $23,705,883,892
1980 $2,154,311,277 $23,116,977,148
1979 $1,288,699,776 $19,959,731,325
1978 $964,024,364 $17,286,744,154
1977 $734,876,021 $14,783,674,055
1976 $576,090,074 $13,235,612,079
1975 $489,912,574 $11,420,392,515
1974 - $10,016,338,179
1973 - $9,138,292,402
1972 - $7,379,313,742
1971 - $6,291,568,221
1970 - $5,780,929,203
1969 - $5,429,812,387
1968 - $4,886,222,555

Data sources: World Bank | Economy & Growth (1968–2025, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

GDP per capita in Cyprus vs Hungary by year

Cyprus
GDP per capita

GDP per capita, PPP
Hungary
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus Hungary
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $30,075 - $25,907 -
2024 $27,707 $63,007 $23,305 $48,552
2023 $26,079 $59,875 $22,209 $46,592
2022 $23,448 $55,876 $18,428 $44,366
2021 $23,057 $47,633 $19,031 $38,887
2020 $19,624 $42,569 $16,387 $35,584
2019 $20,360 $44,394 $17,013 $35,627
2018 $20,267 $40,262 $16,605 $32,258
2017 $18,295 $37,768 $14,736 $29,728
2016 $17,013 $35,247 $13,216 $28,179
2015 $16,326 $31,380 $12,783 $26,938
2014 $19,326 $29,893 $14,353 $25,796
2013 $20,238 $30,416 $13,739 $24,592
2012 $21,493 $31,924 $12,950 $23,205
2011 $24,110 $33,406 $14,211 $22,992
2010 $22,876 $33,502 $13,190 $21,691
2009 $23,480 $33,901 $13,051 $20,691
2008 $25,626 $34,830 $15,763 $20,709
2007 $22,344 $32,888 $13,935 $19,089
2006 $19,037 $30,009 $11,478 $18,362
2005 $17,790 $27,763 $11,212 $17,091
2004 $17,016 $25,942 $10,291 $16,251
2003 $14,553 $24,278 $8,410 $15,460
2002 $11,636 $23,556 $6,658 $14,532
2001 $10,785 $22,866 $5,281 $13,223
2000 $10,537 $21,296 $4,630 $11,872
1999 $11,273 $19,663 $4,802 $10,892
1998 $11,206 $18,760 $4,752 $10,415
1997 $10,637 $17,781 $4,606 $9,846
1996 $11,373 $17,320 $4,542 $9,388
1995 $11,514 $17,096 $4,509 $9,222
1994 $8,791 $15,735 $4,187 $8,888
1993 $7,978 $14,852 $3,887 $8,441
1992 $8,530 $14,759 $3,747 $8,284
1991 $7,222 $13,546 $3,361 $8,352
1990 $7,092 $13,348 $3,324 $9,169
1989 $5,870 - $2,902 -
1988 $5,584 - $2,812 -
1987 $4,908 - $2,566 -
1986 $4,159 - $2,331 -
1985 $3,324 - $2,020 -
1984 $3,167 - $1,991 -
1983 $3,055 - $2,050 -
1982 $3,100 - $2,255 -
1981 $3,030 - $2,213 -
1980 $3,154 - $2,158 -
1979 $1,902 - $1,865 -
1978 $1,434 - $1,618 -
1977 $1,102 - $1,388 -
1976 $870 - $1,249 -
1975 $743 - $1,083 -
1974 - - $956 -
1973 - - $876 -
1972 - - $710 -
1971 - - $607 -
1970 - - $559 -
1969 - - $527 -
1968 - - $476 -

Data sources: World Bank | Economy & Growth (1968–2025, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

Cyprus' GDP per capita is $30,075, ranking 45/197, compared to $25,907 in Hungary, ranking 52/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while Hungary ranks 48th at $48,552.

Economic indicators

Cyprus Hungary
Gross domestic product
$41.2B
2025
$246B
2025
GDP rank
103/197
2025
55/197
2025
GDP growth
3.77%
2024-2025
0.51%
2024-2025
GDP per capita
$30,075
2025
$25,907
2025
GDP per capita rank
45/197
2025
52/197
2025
GDP per capita, PPP
$63,007
2024
$48,552
2024
GDP per capita PPP rank
29/197
2024
48/197
2024
Government debt
$22.8B
2025
$185B
2025
Debt-to-GDP ratio
55.3%
2025
75.2%
2025
Government debt per person
$16,632
2025
$19,473
2025
Government debt per person rank
40/185
2025
33/185
2025
Average annual personal income after taxes
$24,626
2026
$18,331
2026
Market capitalization of domestic companies
$27.9B
2025
$62.6B
2025
Number of millionaires
24,000
2026
27,000
2026
Number of billionaires
10
2026
4
2026
Income share by richest 10%
26.3%
2023
24.4%
2022
Income share by poorest 10%
3.6%
2023
2.8%
2022
Government expenditure, % of GDP
40.4%
2025
47.5%
2025
Consumer prices inflation
0.13%
2024-2025
4.41%
2024-2025
Central bank interest rate n/a
6.25%
2026
Unemployment rate
4.4%
2025
4.4%
2025
Population
1388591
9454659

Spending and national debt comparison by year

Cyprus
Spending

Debt
Hungary
Spending

Debt
1x
Year % of GDP
Cyprus Hungary
Government spending Government debt Government spending Government debt
2025 40.4% 55.3% 47.5% 75.2%
2024 38.3% 62.8% 46.9% 73.5%
2023 40.6% 71.1% 49.3% 73.2%
2022 37.7% 80.3% 48.9% 74.1%
2021 42.7% 96.5% 48.1% 76.2%
2020 45.9% 113.6% 51% 78.7%
2019 40.3% 92.3% 45.8% 65%
2018 44.3% 100.7% 45.9% 68.8%
2017 38.4% 96.4% 46.6% 72%
2016 39.6% 106.8% 46.7% 74.6%
2015 43% 111.6% 50.4% 75.7%
2014 52.1% 113% 50% 76.5%
2013 42.1% 102.7% 50.1% 77.2%
2012 41.9% 79.2% 49.2% 78.4%
2011 42.1% 64.8% 49.1% 80.5%
2010 41.7% 55.3% 48.9% 80.2%
2009 41.9% 52.8% 50.7% 78.2%
2008 38.2% 44.1% 48.8% 71.8%
2007 37.6% 53.1% 49.9% 65.6%
2006 39.1% 59% 51.4% 64.5%
2005 39.7% 64% 49.4% 60.6%
2004 38.6% 64.7% 48.8% 58.9%
2003 40.4% 63% 49.2% 58.2%
2002 37.4% 61% 51% 55.6%
2001 35.7% 57.5% 47.2% 52.2%
2000 35% 56% 47.3% 55.6%
1999 34.3% 55.7% 48.9% 60.3%
1998 34.4% 55% 50.7% 60.4%
1997 34.2% 53.5% 49.5% 62.2%
1996 32.4% 48.8% 50.9% 71.2%
1995 30.4% 46.7% 55% 83.9%
1994 - - - 86.2%
1993 - - - 87.2%
1992 - - - 76.5%
1991 - - - 74.2%
1990 - - - 63.7%
1989 - - - 70.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1994, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

In 2025, Cyprus' government spending was $16.7B, accounting for 40.4% of its GDP, while Hungary spent $117B, or 47.5% of GDP.

Debt-to-GDP ratio is 55.3% in Cyprus and 75.2% in Hungary, ranking 89/185 and 50/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

Hungary
1x
Year Deficit/surplus, % of GDP
Cyprus Hungary
2025 2.99% -4.68%
2024 4.14% -4.9%
2023 1.71% -6.77%
2022 2.69% -6.19%
2021 -1.59% -7.11%
2020 -5.57% -7.49%
2019 1.03% -2.02%
2018 -3.36% -2.05%
2017 2.13% -2.45%
2016 0.45% -1.79%
2015 -0.77% -2%
2014 -8.8% -2.77%
2013 -5.16% -2.6%
2012 -5.55% -2.33%
2011 -5.65% -5.22%
2010 -4.68% -4.44%
2009 -5.43% -4.76%
2008 0.87% -3.78%
2007 3.23% -5.09%
2006 -1.04% -9.27%
2005 -2.22% -7.79%
2004 -3.71% -6.6%
2003 -5.91% -7.19%
2002 -4.13% -8.79%
2001 -2.11% -4%
2000 -2.24% -3.04%
1999 -4.05% -5.27%
1998 -3.85% -7.41%
1997 -4.82% -5.54%
1996 -2.96% -4.36%
1995 -0.71% -8.57%
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -0.17%
1942 - 0.31%
1941 - 0.2%
1940 - -0.07%
1939 - 0.19%
1938 - -0.11%
1937 - -0.01%
1936 - 0.08%
1935 - 0.03%
1934 - 0.04%
1933 - -0.03%
1932 - -0.22%
1931 - -0.32%
1930 - -0.26%
1929 - 0.02%
1928 - 0.12%
1927 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1927–1943, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

In 2025, Cyprus' government surplus, the difference between spending and revenue, was $1.23B, equivalent to 2.99% of GDP. This compares to Hungary's deficit of $11.5B, or 4.68% of GDP.

Over the past 31 years, Cyprus recorded a fiscal deficit in 22 of those years, while Hungary ran a deficit in 31 years. On average, Cyprus posted an annual deficit equal to 2.1% of GDP, compared to deficit of 5.04% of GDP for Hungary.

Inflation comparison by year

Inflation
Cyprus

Hungary
1x
Year Consumer prices inflation
Cyprus Hungary
2025 0.13% 4.41%
2024 1.8% 3.7%
2023 3.54% 17.1%
2022 8.4% 14.6%
2021 2.45% 5.11%
2020 -0.64% 3.33%
2019 0.25% 3.34%
2018 1.44% 2.85%
2017 0.53% 2.35%
2016 -1.43% 0.39%
2015 -2.1% -0.06%
2014 -1.35% -0.23%
2013 -0.4% 1.73%
2012 2.39% 5.65%
2011 3.29% 3.93%
2010 2.43% 4.86%
2009 0.33% 4.21%
2008 4.67% 6.04%
2007 2.37% 7.96%
2006 2.3% 3.93%
2005 2.56% 3.56%
2004 2.29% 6.74%
2003 4.14% 4.66%
2002 2.8% 5.27%
2001 1.97% 9.12%
2000 4.14% 9.8%
1999 1.63% 10%
1998 2.23% 14.2%
1997 3.61% 18.3%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

Over the past 29 years, Cyprus has recorded an average annual inflation rate of 1.92%, compared with 6.1% in Hungary. In 2025, inflation was 0.13% in Cyprus and 4.41% in Hungary.

Top exports between countries

Cyprus
Export category Export value
Transport & tourism services $53.8M
Business & finance services $26.9M
Machinery & equipment $8.46M
Chemicals & pharma $2.88M
IT & IP services $2.7M
Textiles & consumer goods $831K
Raw agricultural goods $535K
Animal & marine products $309K
Precious metals & jewellery $83K
Weapons & explosives $77K
Hungary
Export category Export value
IT & IP services $153M
Transport & tourism services $78.3M
Business & finance services $55.1M
Machinery & equipment $31.2M
Processed food, beverages & tobacco $18.4M
Chemicals & pharma $12.1M
Textiles & consumer goods $3.63M
Wood & paper products $1.97M
Raw materials & minerals $1.8M
Precious metals & jewellery $1.62M

Balance of trade

Cyprus Hungary
Current account balance
-$2.59B
2025
$4.08B
2025
Current account balance ranking
149/190
2025
34/190
2025
Current account balance, % of GDP
-6.29%
2025
+1.65%
2025
Goods imports
$12.6B
2025
$139B
2025
Goods exports
$4.62B
2025
$136B
2025
Service imports
$25.3B
2025
$29.8B
2025
Service exports
$35.7B
2025
$43.1B
2025
Imports of goods and services, % of GDP
91.9%
2025
68.1%
2025
Exports of goods and services, % of GDP
97.6%
2025
72.6%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Cyprus Hungary
Economic freedom 74.1 62.5
Economic freedom ranking 21/197 86/197
Property rights 85.1 67.3
Government integrity 59.7 44
Judicial effectiveness 89.8 61.9
Tax burden 80.8 85.1
Government spending 52.1 30.2
Fiscal health 91.5 32.7
Business freedom 82.3 70.8
Labor freedom 60.3 56.5
Monetary freedom 78.7 72.1
Trade freedom 79.4 79.4
Investment freedom 70 80
Financial freedom 60 70

Economic freedom comparison by year

Cyprus
Hungary
1x
Year Economic freedom index
Cyprus Hungary
2026 74.1 62.5
2025 73.2 61.4
2024 72.2 61.2
2023 72.3 64.1
2022 72.9 66.9
2021 71.4 67.2
2020 70.1 66.4
2019 68.1 65
2018 67.8 66.7
2017 67.9 65.8
2016 68.7 66
2015 67.9 66.8
2014 67.6 67
2013 69 67.3
2012 71.8 67.1
2011 73.3 66.6
2010 70.9 66.1
2009 70.8 66.8
2008 71.3 67.6
2007 71.7 64.8
2006 71.8 65
2005 71.9 63.5
2004 74.1 62.7
2003 73.3 63
2002 73 64.5
2001 71 65.6
2000 67.2 64.4
1999 67.8 59.6
1998 68.2 56.9
1997 67.9 55.3
1996 67.7 56.8
1995 - 55.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, compared to 62.5 for Hungary, ranking 86/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cyprus Hungary
Services, % of GDP
76.8%
2025
60.1%
2025
Industry, % of GDP
11.1%
2025
23%
2025
Agriculture, forestry, and fishing, % of GDP
1.12%
2025
2.65%
2025
GNI, Atlas method
$35.6B
2025
$227B
2025
GNI per capita, PPP
$57,390
2025
$48,630
2025
Total reserves including gold
$2.95B
2025
$59.1B
2025
Total reserves ranking
121/177
2025
42/177
2025
Net foreign direct investment
-$9.59B
2025
$9.1B
2025
Net inflows of foreign direct investment
-$50.4B
2024
-$61.3B
2024
Net outflows of foreign direct investment
-$55.9B
2024
-$76.3B
2024
Poverty at national poverty lines
13.9%
2021
12.1%
2021
Gross capital formation, % of GDP
19.3%
2025
22.2%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/hungary | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1968–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1927–1994, retrieved 2026-07-08)
  6. TradeMap (2022–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.