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Economy of Cyprus vs Kuwait compared: GDP & Debt

Updated on by Georank team

Cyprus has a GDP of $37.6B compared to $160B for Kuwait, ranking 103/197 and 59/197 by economy size, respectively.

Cyprus has $24.5B in government debt (65.1% of GDP), compared to $4.68B (2.92% of GDP) in Kuwait.

Cyprus vs Kuwait GDP by year

Cyprus
Kuwait
1x
Year GDP, current $
Cyprus Kuwait
2024 $37,634,533,332 $160,227,273,053
2023 $35,075,423,857 $165,384,407,116
2022 $31,218,038,929 $183,502,046,694
2021 $30,372,642,502 $148,350,671,489
2020 $25,555,093,854 $111,045,470,606
2019 $26,196,667,100 $140,856,394,861
2018 $25,754,001,368 $138,646,316,351
2017 $22,946,570,629 $120,687,539,806
2016 $21,046,462,281 $109,406,674,125
2015 $19,909,278,417 $114,585,555,689
2014 $23,225,918,260 $162,650,450,685
2013 $23,959,712,861 $174,168,116,535
2012 $25,047,436,975 $174,047,662,680
2011 $27,641,549,302 $154,039,231,246
2010 $25,799,940,078 $115,416,245,242
2009 $26,048,179,949 $105,968,691,905
2008 $27,844,646,258 $147,379,737,230
2007 $23,968,727,074 $114,634,043,362
2006 $20,072,754,987 $101,557,330,723
2005 $18,433,412,511 $80,798,630,137
2004 $17,320,551,250 $59,439,090,601
2003 $14,547,329,558 $47,874,582,232
2002 $11,420,228,846 $38,135,788,414
2001 $10,397,898,907 $34,889,559,870
2000 $9,985,847,314 $37,718,743,480
1999 $10,497,907,228 $30,122,365,849
1998 $10,248,618,778 $25,943,705,784
1997 $9,547,816,420 $30,350,190,704
1996 $10,011,914,680 $31,492,373,309
1995 $9,933,137,128 $27,186,980,647
1994 $7,425,703,929 $24,848,483,838
1993 $6,590,291,048 $23,941,391,391
1992 $6,912,150,456 $19,858,555,215
1991 $5,770,197,348 $11,009,993,703
1990 $5,591,130,218 $18,427,777,778
1989 $4,563,482,604 $24,313,855,653
1988 $4,278,792,597 $20,690,322,153
1987 $3,704,813,886 $22,368,704,134
1986 $3,090,734,463 $17,903,989,745
1985 $2,430,411,900 $21,445,970,614
1984 $2,278,248,953 $21,700,082,753
1983 $2,160,364,071 $20,871,081,080
1982 $2,159,242,417 $21,577,153,356
1981 $2,087,496,374 $25,058,020,338
1980 $2,154,311,277 $28,638,868,356
1979 $1,288,699,776 $24,749,063,922
1978 $964,024,364 $15,503,557,496
1977 $734,876,021 $14,137,406,741
1976 $576,090,074 $13,132,252,802
1975 $489,912,574 $12,022,811,621
1974 - $13,006,948,296
1973 - $5,408,804,607
1972 - $4,450,537,925
1971 - $3,880,392,195
1970 - $2,873,638,851
1969 - $2,769,198,892
1968 - $2,662,798,935
1967 - $2,441,599,023
1966 - $2,391,199,044
1965 - $2,097,199,161
1964 - $2,071,668,533
1963 - $1,900,895,857
1962 - $1,828,107,503

Data sources: World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

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

GDP per capita in Cyprus vs Kuwait by year

Cyprus
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $27,707 $63,007 $32,718 $52,444
2023 $26,079 $59,875 $34,076 $53,025
2022 $23,448 $55,876 $39,982 $55,043
2021 $23,057 $47,633 $34,019 $50,652
2020 $19,624 $42,569 $25,236 $41,462
2019 $20,360 $44,394 $31,708 $50,703
2018 $20,267 $40,262 $32,068 $51,371
2017 $18,295 $37,768 $29,048 $46,566
2016 $17,013 $35,247 $27,324 $41,862
2015 $16,326 $31,380 $29,882 $45,267
2014 $19,326 $29,893 $44,369 $68,337
2013 $20,238 $30,416 $49,651 $76,813
2012 $21,493 $31,924 $52,155 $82,090
2011 $24,110 $33,406 $49,170 $79,037
2010 $22,876 $33,502 $39,212 $75,184
2009 $23,480 $33,901 $37,907 $80,110
2008 $25,522 $34,830 $55,585 $90,337
2007 $22,344 $32,888 $45,709 $91,435
2006 $19,037 $30,009 $42,947 $89,075
2005 $17,790 $27,763 $36,123 $84,968
2004 $17,016 $25,942 $27,552 $77,227
2003 $14,553 $24,278 $22,691 $69,752
2002 $11,636 $23,556 $18,513 $59,713
2001 $10,785 $22,866 $17,374 $58,553
2000 $10,537 $21,296 $19,296 $58,703
1999 $11,273 $19,663 $15,854 $56,406
1998 $11,206 $18,760 $14,067 $58,344
1997 $10,637 $17,781 $16,977 $57,420
1996 $11,373 $17,320 $18,201 $56,913
1995 $11,514 $17,096 $16,168 $57,163
1994 $8,791 $15,735 $14,930 $53,946
1993 $7,978 $14,852 $14,318 $48,482
1992 $8,530 $14,759 $12,146 $36,149
1991 $7,222 $13,546 $8,147 $23,390
1990 $7,092 $13,348 $10,938 $30,763
1989 $5,870 - $10,965 -
1988 $5,584 - $9,692 -
1987 $4,908 - $10,896 -
1986 $4,159 - $9,077 -
1985 $3,324 - $11,322 -
1984 $3,167 - $11,919 -
1983 $3,055 - $11,965 -
1982 $3,100 - $12,979 -
1981 $3,030 - $15,825 -
1980 $3,154 - $19,032 -
1979 $1,902 - $17,386 -
1978 $1,434 - $11,567 -
1977 $1,102 - $11,238 -
1976 $870 - $11,141 -
1975 $743 - $10,882 -
1974 - - $12,527 -
1973 - - $5,532 -
1972 - - $4,836 -
1971 - - $4,486 -
1970 - - $3,552 -
1969 - - $3,695 -
1968 - - $3,872 -
1967 - - $3,887 -
1966 - - $4,176 -
1965 - - $4,024 -
1964 - - $4,379 -
1963 - - $4,445 -
1962 - - $4,748 -

Data sources: World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

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

Cyprus' GDP per capita is $27,707, ranking 45/197, compared to $32,718 in Kuwait, ranking 37/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while Kuwait ranks 40th at $52,444.

Economic indicators

Cyprus Kuwait
Gross domestic product
$37.6B
2024
$160B
2024
GDP rank
103/197
2024
59/197
2024
GDP growth
3.94%
2023-2024
-2.56%
2023-2024
GDP per capita
$27,707
2024
$32,718
2024
GDP per capita rank
45/197
2024
37/197
2024
GDP per capita, PPP
$63,007
2024
$52,444
2024
GDP per capita PPP rank
29/197
2024
40/197
2024
Government debt
$24.5B
2024
$4.68B
2024
Debt-to-GDP ratio
65.1%
2024
2.92%
2024
Government debt per person
$18,034
2024
$956
2024
Government debt per person rank
34/185
2024
143/185
2024
Average annual personal income after taxes
$25,384
2026
$23,828
2026
Market capitalization of domestic companies
$10.9B
2024
$141B
2024
Number of billionaires
10
2025
n/a
Income share by richest 10%
26.3%
2023
n/a
Income share by poorest 10%
3.6%
2023
n/a
Government expenditure, % of GDP
40%
2024
50.4%
2024
Consumer prices inflation
1.8%
2023-2024
2.9%
2023-2024
Central bank interest rate n/a
3.5%
2025
Unemployment rate
4.87%
2024
2.16%
2016
Population
1386362
5100145

Spending and national debt comparison by year

Cyprus
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Cyprus Kuwait
Government spending Government debt Government spending Government debt
2024 40% 65.1% 50.4% 2.92%
2023 42% 73.6% 48.3% 3.13%
2022 38% 81.1% 39.6% 2.95%
2021 42.6% 96.5% 48.3% 7.2%
2020 45.9% 113.6% 62.9% 10.2%
2019 40.3% 92.3% 50.3% 10.5%
2018 44.3% 100.7% 51.1% 14.3%
2017 38.4% 96.4% 51.9% 19.6%
2016 39.6% 106.8% 54.1% 9.88%
2015 43% 111.6% 55.4% 4.6%
2014 52.1% 113% 45% 3.43%
2013 42.1% 102.7% 38.4% 3.09%
2012 41.9% 79.2% 38.2% 3.6%
2011 42.1% 64.8% 39.7% 4.64%
2010 41.7% 55.3% 45.5% 6.16%
2009 41.9% 52.8% 42.9% 6.65%
2008 38.2% 44.1% 40.9% 5.38%
2007 37.6% 53.1% 30.4% 7.05%
2006 39.1% 59% 32.3% 7.79%
2005 39.7% 64% 28.8% 10.2%
2004 38.6% 64.7% 35.3% 13.9%
2003 40.4% 63% 38.2% 17.2%
2002 37.4% 61% 42.8% 21.3%
2001 35.7% 57.5% 41.4% 23%
2000 35% 56% 29.9% 21.4%
1999 34.3% 55.7% 44.5% 25.5%
1998 34.4% 55% 51.7% 25.6%
1997 34.2% 53.5% 43.8% 24.3%
1996 32.4% 48.8% 42.8% 26.5%
1995 30.4% 46.7% 52% 34.9%
1994 - - 57.8% 37.7%
1993 - - 58.2% 28.8%
1992 - - 77.6% 27.9%
1991 - - 208.9% 45.3%
1990 - - 122.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Cyprus' government spending was $15B, accounting for 40% of its GDP, while Kuwait spent $80.8B, or 50.4% of GDP.

Debt-to-GDP ratio is 65.1% in Cyprus and 2.92% in Kuwait, ranking 68/185 and 184/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

Kuwait
1x
Year Deficit/surplus, % of GDP
Cyprus Kuwait
2024 4.28% 23.8%
2023 1.7% 28.2%
2022 2.65% 30%
2021 -1.64% 9.98%
2020 -5.57% 0.14%
2019 1.03% 13%
2018 -3.36% 17.5%
2017 2.13% 15.3%
2016 0.45% 13.1%
2015 -0.77% 16.6%
2014 -8.8% 30%
2013 -5.16% 40.6%
2012 -5.55% 40.7%
2011 -5.65% 38.8%
2010 -4.68% 31.9%
2009 -5.43% 31.3%
2008 0.87% 21.3%
2007 3.23% 37.1%
2006 -1.04% 28%
2005 -2.22% 38.9%
2004 -3.71% 32.5%
2003 -5.91% 27.2%
2002 -4.13% 31%
2001 -2.11% 45.2%
2000 -2.24% 52.5%
1999 -4.05% 28.2%
1998 -3.85% 19.5%
1997 -4.82% 29.5%
1996 -2.96% 24.3%
1995 -0.71% 11.7%
1994 - 1.76%
1993 - -3.12%
1992 - -28.1%
1991 - -145%
1990 - -50%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Cyprus' government surplus, the difference between spending and revenue, was $1.61B, equivalent to 4.28% of GDP. This compares to Kuwait's surplus of $38.1B, or 23.8% of GDP.

Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of those years, while Kuwait ran a deficit in 0 years. On average, Cyprus posted an annual deficit equal to 2.27% of GDP, compared to surplus of 26.9% of GDP for Kuwait.

Inflation comparison by year

Inflation
Cyprus

Kuwait
1x
Year Consumer prices inflation
Cyprus Kuwait
2024 1.8% 2.9%
2023 3.54% 3.64%
2022 8.4% 3.98%
2021 2.45% 3.42%
2020 -0.64% 2.1%
2019 0.25% 1.09%
2018 1.44% 0.54%
2017 0.53% 2.17%
2016 -1.43% 3.2%
2015 -2.1% 3.27%
2014 -1.35% 2.91%
2013 -0.4% 2.68%
2012 2.39% 3.26%
2011 3.29% 4.84%
2010 2.43% 4.5%
2009 0.33% 4.61%
2008 4.67% 10.6%
2007 2.37% 5.48%
2006 2.3% 3.06%
2005 2.56% 4.14%
2004 2.29% 1.25%
2003 4.14% 0.96%
2002 2.8% 0.89%
2001 1.97% 1.3%
2000 4.14% 1.81%
1999 1.63% 2.99%
1998 2.23% 0.13%
1997 3.61% 0.68%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Cyprus has recorded an average annual inflation rate of 1.99%, compared with 2.94% in Kuwait. In 2024, inflation was 1.8% in Cyprus and 2.9% in Kuwait.

Top exports between countries

Cyprus
Export category Export value
Processed food, beverages & tobacco $2.39M
Textiles & consumer goods $2.14M
Chemicals & pharma $2.1M
Machinery & equipment $462K
Animal & marine products $291K
Weapons & explosives $255K
Raw agricultural goods $128K
Metals $73K
Precious metals & jewellery $39K
Raw materials & minerals $36K
Kuwait
Export category Export value
Chemicals & pharma $2.82M
Processed food, beverages & tobacco $1.72M
Raw materials & minerals $199K
Machinery & equipment $77K
Textiles & consumer goods $51K
Miscellaneous $9K
Animal & marine products $8K
Metals $5K
Raw agricultural goods $2K

Balance of trade

Cyprus Kuwait
Current account balance
-$3.07B
2024
$46.7B
2024
Current account balance ranking
157/190
2024
15/190
2024
Current account balance, % of GDP
-8.16%
2024
+29.1%
2024
Goods imports
$11.9B
2024
$33.4B
2024
Goods exports
$4.43B
2024
$77.5B
2024
Service imports
$23.2B
2024
$28.1B
2024
Service exports
$32.1B
2024
$12.2B
2024
Imports of goods and services, % of GDP
93.4%
2024
38.3%
2023
Exports of goods and services, % of GDP
97%
2024
57.7%
2023

Economic freedom indices

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

Cyprus Kuwait
Economic freedom 74.1 59.9
Economic freedom ranking 21/197 100/197
Property rights 85.1 42
Government integrity 59.7 47.9
Judicial effectiveness 89.8 43.4
Tax burden 80.8 97.7
Government spending 52.1 36.2
Fiscal health 91.5 99.9
Business freedom 82.3 57.4
Labor freedom 60.3 49.2
Monetary freedom 78.7 68.7
Trade freedom 79.4 75.8
Investment freedom 70 50
Financial freedom 60 50

Economic freedom comparison by year

Cyprus
Kuwait
1x
Year Economic freedom index
Cyprus Kuwait
2026 74.1 59.9
2025 73.2 59.9
2024 72.2 58.5
2023 72.3 56.7
2022 72.9 58.3
2021 71.4 64.1
2020 70.1 63.2
2019 68.1 60.8
2018 67.8 62.2
2017 67.9 65.1
2016 68.7 62.7
2015 67.9 62.5
2014 67.6 62.3
2013 69 63.1
2012 71.8 62.5
2011 73.3 64.9
2010 70.9 67.7
2009 70.8 65.6
2008 71.3 68.1
2007 71.7 66.4
2006 71.8 66.5
2005 71.9 64.6
2004 74.1 63.6
2003 73.3 66.7
2002 73 65.4
2001 71 68.2
2000 67.2 69.7
1999 67.8 69.5
1998 68.2 66.3
1997 67.9 64.8
1996 67.7 66.1

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

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

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cyprus Kuwait
Services, % of GDP
76.5%
2024
55.9%
2024
Industry, % of GDP
11.1%
2024
57.1%
2024
Agriculture, forestry, and fishing, % of GDP
1.16%
2024
0.49%
2024
GNI, Atlas method
$32B
2024
$200B
2024
GNI per capita, PPP
$56,200
2024
$63,270
2024
Total reserves including gold
$2.09B
2024
$50.7B
2024
Total reserves ranking
124/177
2024
41/177
2024
Net foreign direct investment
-$5.49B
2024
$9.71B
2024
Net inflows of foreign direct investment
-$50.4B
2024
$615M
2024
Net outflows of foreign direct investment
-$55.9B
2024
$10.3B
2024
Poverty at national poverty lines
13.9%
2021
n/a
Gross capital formation, % of GDP
20.7%
2024
17.7%
2023

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/kuwait | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, 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 (2021–2024, 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.