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Economy of Cyprus vs Malaysia compared: GDP & Debt

Updated on by Georank team

Cyprus has a GDP of $37.6B compared to $422B for Malaysia, ranking 103/197 and 38/197 by economy size, respectively.

Cyprus has $24.5B in government debt (65.1% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Cyprus vs Malaysia GDP by year

Cyprus
Malaysia
1x
Year GDP, current $
Cyprus Malaysia
2024 $37,634,533,332 $422,227,005,429
2023 $35,075,423,857 $399,949,418,753
2022 $31,218,038,929 $407,830,525,990
2021 $30,372,642,502 $373,784,553,030
2020 $25,555,093,854 $337,456,163,961
2019 $26,196,667,100 $365,177,721,022
2018 $25,754,001,368 $358,788,845,713
2017 $22,946,570,629 $319,109,094,160
2016 $21,046,462,281 $301,256,033,870
2015 $19,909,278,417 $301,355,266,965
2014 $23,225,918,260 $338,066,095,097
2013 $23,959,712,861 $323,276,235,524
2012 $25,047,436,975 $314,443,047,642
2011 $27,641,549,302 $297,951,668,675
2010 $25,799,940,078 $255,017,638,456
2009 $26,048,179,949 $202,257,453,037
2008 $27,844,646,258 $230,811,614,370
2007 $23,968,727,074 $193,549,569,478
2006 $20,072,754,987 $162,692,258,307
2005 $18,433,412,511 $143,534,405,819
2004 $17,320,551,250 $124,749,473,684
2003 $14,547,329,558 $110,202,368,421
2002 $11,420,228,846 $100,845,526,316
2001 $10,397,898,907 $92,783,947,368
2000 $9,985,847,314 $93,789,736,842
1999 $10,497,907,228 $79,148,421,053
1998 $10,248,618,778 $72,167,498,981
1997 $9,547,816,420 $100,005,323,302
1996 $10,011,914,680 $100,855,393,910
1995 $9,933,137,128 $88,705,342,903
1994 $7,425,703,929 $74,478,356,958
1993 $6,590,291,048 $66,894,966,969
1992 $6,912,150,456 $59,167,550,163
1991 $5,770,197,348 $49,143,148,094
1990 $5,591,130,218 $44,024,585,240
1989 $4,563,482,604 $38,847,965,293
1988 $4,278,792,597 $35,272,109,220
1987 $3,704,813,886 $32,181,210,158
1986 $3,090,734,463 $27,734,111,400
1985 $2,430,411,900 $31,199,633,353
1984 $2,278,248,953 $33,942,897,422
1983 $2,160,364,071 $30,347,442,111
1982 $2,159,242,417 $26,804,493,635
1981 $2,087,496,374 $25,004,285,792
1980 $2,154,311,277 $24,488,224,677
1979 $1,288,699,776 $21,213,264,962
1978 $964,024,364 $16,358,079,862
1977 $734,876,021 $13,139,488,633
1976 $576,090,074 $11,050,234,599
1975 $489,912,574 $9,298,800,799
1974 - $9,496,204,302
1973 - $7,662,902,678
1972 - $5,043,347,250
1971 - $4,244,395,956
1970 - $3,864,145,667
1969 - $3,664,552,041
1968 - $3,330,371,551
1967 - $3,188,924,677
1966 - $3,143,517,944
1965 - $2,956,337,669
1964 - $2,674,423,922
1963 - $2,510,110,348
1962 - $2,001,489,602
1961 - $1,901,856,123
1960 - $1,916,229,477

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

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

GDP per capita in Cyprus vs Malaysia by year

Cyprus
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $27,707 $63,007 $11,874 $38,779
2023 $26,079 $59,875 $11,386 $36,467
2022 $23,448 $55,876 $11,755 $34,420
2021 $23,057 $47,633 $10,903 $29,823
2020 $19,624 $42,569 $9,958 $27,475
2019 $20,360 $44,394 $10,920 $28,934
2018 $20,267 $40,262 $10,902 $27,794
2017 $18,295 $37,768 $9,863 $26,416
2016 $17,013 $35,247 $9,477 $25,286
2015 $16,326 $31,380 $9,649 $24,526
2014 $19,326 $29,893 $11,013 $24,307
2013 $20,238 $30,416 $10,714 $23,161
2012 $21,493 $31,924 $10,601 $22,639
2011 $24,110 $33,406 $10,217 $21,324
2010 $22,876 $33,502 $8,899 $20,193
2009 $23,480 $33,901 $7,191 $18,923
2008 $25,522 $34,830 $8,372 $19,480
2007 $22,344 $32,888 $7,169 $18,617
2006 $19,037 $30,009 $6,158 $17,426
2005 $17,790 $27,763 $5,556 $16,371
2004 $17,016 $25,942 $4,939 $15,416
2003 $14,553 $24,278 $4,465 $14,387
2002 $11,636 $23,556 $4,184 $13,656
2001 $10,785 $22,866 $3,944 $13,072
2000 $10,537 $21,296 $4,084 $13,027
1999 $11,273 $19,663 $3,528 $11,980
1998 $11,206 $18,760 $3,294 $11,398
1997 $10,637 $17,781 $4,679 $12,469
1996 $11,373 $17,320 $4,837 $11,709
1995 $11,514 $17,096 $4,363 $10,720
1994 $8,791 $15,735 $3,758 $9,806
1993 $7,978 $14,852 $3,462 $9,018
1992 $8,530 $14,759 $3,141 $8,224
1991 $7,222 $13,546 $2,679 $7,583
1990 $7,092 $13,348 $2,469 $6,887
1989 $5,870 - $2,244 -
1988 $5,584 - $2,100 -
1987 $4,908 - $1,977 -
1986 $4,159 - $1,760 -
1985 $3,324 - $2,046 -
1984 $3,167 - $2,300 -
1983 $3,055 - $2,124 -
1982 $3,100 - $1,938 -
1981 $3,030 - $1,866 -
1980 $3,154 - $1,886 -
1979 $1,902 - $1,680 -
1978 $1,434 - $1,327 -
1977 $1,102 - $1,092 -
1976 $870 - $940 -
1975 $743 - $811 -
1974 - - $848 -
1973 - - $701 -
1972 - - $472 -
1971 - - $407 -
1970 - - $380 -
1969 - - $368 -
1968 - - $342 -
1967 - - $335 -
1966 - - $339 -
1965 - - $326 -
1964 - - $303 -
1963 - - $291.8 -
1962 - - $238.8 -
1961 - - $232.9 -
1960 - - $240.8 -

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

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

Cyprus' GDP per capita is $27,707, ranking 45/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while Malaysia ranks 60th at $38,779.

Economic indicators

Cyprus Malaysia
Gross domestic product
$37.6B
2024
$422B
2024
GDP rank
103/197
2024
38/197
2024
GDP growth
3.94%
2023-2024
5.11%
2023-2024
GDP per capita
$27,707
2024
$11,874
2024
GDP per capita rank
45/197
2024
79/197
2024
GDP per capita, PPP
$63,007
2024
$38,779
2024
GDP per capita PPP rank
29/197
2024
60/197
2024
Government debt
$24.5B
2024
$296B
2024
Debt-to-GDP ratio
65.1%
2024
70.1%
2024
Government debt per person
$18,034
2024
$8,322
2024
Government debt per person rank
34/185
2024
62/185
2024
Average annual personal income after taxes
$25,384
2026
$11,005
2026
Market capitalization of domestic companies
$10.9B
2024
$449B
2024
Number of billionaires
10
2025
19
2025
Income share by richest 10%
26.3%
2023
30.9%
2021
Income share by poorest 10%
3.6%
2023
2.3%
2021
Government expenditure, % of GDP
40%
2024
23.9%
2024
Consumer prices inflation
1.8%
2023-2024
1.83%
2023-2024
Central bank interest rate n/a
2.75%
2025
Unemployment rate
4.87%
2024
3.93%
2022
Population
1386362
36512221

Spending and national debt comparison by year

Cyprus
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Cyprus Malaysia
Government spending Government debt Government spending Government debt
2024 40% 65.1% 23.9% 70.1%
2023 42% 73.6% 24.9% 69.7%
2022 38% 81.1% 24.6% 65.5%
2021 42.6% 96.5% 24.5% 69.2%
2020 45.9% 113.6% 25% 67.7%
2019 40.3% 92.3% 23.6% 57.1%
2018 44.3% 100.7% 22.8% 55.6%
2017 38.4% 96.4% 22% 54.4%
2016 39.6% 106.8% 22.9% 55.8%
2015 43% 111.6% 24.7% 57%
2014 52.1% 113% 26% 55.4%
2013 42.1% 102.7% 27.8% 55.7%
2012 41.9% 79.2% 28.5% 53.8%
2011 42.1% 64.8% 27.1% 51.9%
2010 41.7% 55.3% 26.6% 51.2%
2009 41.9% 52.8% 30.9% 50.4%
2008 38.2% 44.1% 26.9% 39.4%
2007 37.6% 53.1% 25.9% 39.3%
2006 39.1% 59% 25.6% 39.7%
2005 39.7% 64% 24.5% 40.8%
2004 38.6% 64.7% 25.9% 42%
2003 40.4% 63% 28.1% 41.4%
2002 37.4% 61% 27.1% 39.5%
2001 35.7% 57.5% 28.2% 38.1%
2000 35% 56% 25.6% 32.5%
1999 34.3% 55.7% 24.6% 34.4%
1998 34.4% 55% 23.1% 33.6%
1997 34.2% 53.5% 21.2% 29.6%
1996 32.4% 48.8% 22.4% 32.8%
1995 30.4% 46.7% 22.6% 38.2%
1994 - - 23.3% 43.7%
1993 - - 24.6% 51.1%
1992 - - 28.2% 59.1%
1991 - - 27.4% 67.3%
1990 - - 30.5% 74.1%

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

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

In 2024, Cyprus' government spending was $15B, accounting for 40% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 65.1% in Cyprus and 70.1% in Malaysia, ranking 68/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

Malaysia
1x
Year Deficit/surplus, % of GDP
Cyprus Malaysia
2024 4.28% -3.95%
2023 1.7% -3.97%
2022 2.65% -4.56%
2021 -1.64% -6.03%
2020 -5.57% -4.9%
2019 1.03% -2.01%
2018 -3.36% -2.64%
2017 2.13% -2.41%
2016 0.45% -2.6%
2015 -0.77% -2.55%
2014 -8.8% -2.63%
2013 -5.16% -3.48%
2012 -5.55% -3.1%
2011 -5.65% -3.57%
2010 -4.68% -4.32%
2009 -5.43% -5.88%
2008 0.87% -3.4%
2007 3.23% -2.57%
2006 -1.04% -2.6%
2005 -2.22% -2.83%
2004 -3.71% -3.35%
2003 -5.91% -4.6%
2002 -4.13% -3.96%
2001 -2.11% -4.36%
2000 -2.24% -6.05%
1999 -4.05% -3%
1998 -3.85% -0.63%
1997 -4.82% 4.84%
1996 -2.96% 3.27%
1995 -0.71% 3.1%
1994 - 5.45%
1993 - 3.44%
1992 - 1.81%
1991 - 1.6%
1990 - 0.15%

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

GeoRank.org/economy/cyprus/malaysia | 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 Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of those years, while Malaysia ran a deficit in 27 years. On average, Cyprus posted an annual deficit equal to 2.27% of GDP, compared to deficit of 2.83% of GDP for Malaysia.

Inflation comparison by year

Inflation
Cyprus

Malaysia
1x
Year Consumer prices inflation
Cyprus Malaysia
2024 1.8% 1.83%
2023 3.54% 2.49%
2022 8.4% 3.38%
2021 2.45% 2.48%
2020 -0.64% -1.14%
2019 0.25% 0.66%
2018 1.44% 0.88%
2017 0.53% 3.87%
2016 -1.43% 2.09%
2015 -2.1% 2.1%
2014 -1.35% 3.14%
2013 -0.4% 2.11%
2012 2.39% 1.66%
2011 3.29% 3.17%
2010 2.43% 1.62%
2009 0.33% 0.58%
2008 4.67% 5.44%
2007 2.37% 2.03%
2006 2.3% 3.61%
2005 2.56% 2.98%
2004 2.29% 1.42%
2003 4.14% 1.09%
2002 2.8% 1.81%
2001 1.97% 1.42%
2000 4.14% 1.53%
1999 1.63% 2.74%
1998 2.23% 5.27%
1997 3.61% 2.66%

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

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

Over the past 28 years, Cyprus has recorded an average annual inflation rate of 1.99%, compared with 2.25% in Malaysia. In 2024, inflation was 1.8% in Cyprus and 1.83% in Malaysia.

Top exports between countries

Cyprus
Export category Export value
Chemicals & pharma $7.65M
Transport & tourism services $7.58M
Processed food, beverages & tobacco $1.68M
Metals $1.63M
Business & finance services $1.52M
Wood & paper products $707K
Machinery & equipment $204K
Raw materials & minerals $162K
IT & IP services $112K
Animal & marine products $53K
Malaysia
Export category Export value
Textiles & consumer goods $2.07M
Raw materials & minerals $1.82M
Chemicals & pharma $1.49M
Wood & paper products $1.17M
Machinery & equipment $477K
Processed food, beverages & tobacco $426K
Miscellaneous $261K
Animal & marine products $150K
Metals $38K
Precious metals & jewellery $5K

Balance of trade

Cyprus Malaysia
Current account balance
-$3.07B
2024
$7.15B
2024
Current account balance ranking
157/190
2024
26/190
2024
Current account balance, % of GDP
-8.16%
2024
+1.69%
2024
Goods imports
$11.9B
2024
$223B
2024
Goods exports
$4.43B
2024
$248B
2024
Service imports
$23.2B
2024
$56.4B
2024
Service exports
$32.1B
2024
$53.4B
2024
Imports of goods and services, % of GDP
93.4%
2024
66%
2024
Exports of goods and services, % of GDP
97%
2024
71.3%
2024

Economic freedom indices

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

Cyprus Malaysia
Economic freedom 74.1 68
Economic freedom ranking 21/197 51/197
Property rights 85.1 62.7
Government integrity 59.7 52.9
Judicial effectiveness 89.8 63.4
Tax burden 80.8 83.5
Government spending 52.1 82
Fiscal health 91.5 62.5
Business freedom 82.3 79.6
Labor freedom 60.3 55.4
Monetary freedom 78.7 80.8
Trade freedom 79.4 83
Investment freedom 70 60
Financial freedom 60 50

Economic freedom comparison by year

Cyprus
Malaysia
1x
Year Economic freedom index
Cyprus Malaysia
2026 74.1 68
2025 73.2 67.1
2024 72.2 65.7
2023 72.3 67.3
2022 72.9 68.1
2021 71.4 74.4
2020 70.1 74.7
2019 68.1 74
2018 67.8 74.5
2017 67.9 73.8
2016 68.7 71.5
2015 67.9 70.8
2014 67.6 69.6
2013 69 66.1
2012 71.8 66.4
2011 73.3 66.3
2010 70.9 64.8
2009 70.8 64.6
2008 71.3 63.9
2007 71.7 63.8
2006 71.8 61.6
2005 71.9 61.9
2004 74.1 59.9
2003 73.3 61.1
2002 73 60.1
2001 71 60.2
2000 67.2 66
1999 67.8 68.9
1998 68.2 68.2
1997 67.9 66.8
1996 67.7 69.9
1995 - 71.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cyprus Malaysia
Services, % of GDP
76.5%
2024
53.7%
2024
Industry, % of GDP
11.1%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
1.16%
2024
8.13%
2024
GNI, Atlas method
$32B
2024
$414B
2024
GNI per capita, PPP
$56,200
2024
$37,450
2024
Total reserves including gold
$2.09B
2024
$116B
2024
Total reserves ranking
124/177
2024
24/177
2024
Net foreign direct investment
-$5.49B
2024
-$2.55B
2024
Net inflows of foreign direct investment
-$50.4B
2024
$15.6B
2024
Net outflows of foreign direct investment
-$55.9B
2024
$13B
2024
Poverty at national poverty lines
13.9%
2021
5.8%
2023
Gross capital formation, % of GDP
20.7%
2024
22%
2024

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/malaysia | 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 (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2019–2024, 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.