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Economy of Cyprus vs Rwanda compared: GDP & Debt

Updated on by Georank

Cyprus has a GDP of $41.2B compared to $16.4B for Rwanda, ranking 103/197 and 142/197 by economy size, respectively.

Cyprus has $22.8B in government debt (55.3% of GDP), compared to $10.6B (64.6% of GDP) in Rwanda.

Cyprus vs Rwanda GDP by year

Cyprus
Rwanda
1x
Year GDP, current $
Cyprus Rwanda
2025 $41,225,787,247 $16,372,132,990
2024 $37,634,551,821 $15,111,064,182
2023 $35,075,440,603 $14,806,501,437
2022 $31,218,047,044 $13,747,404,814
2021 $30,372,637,513 $11,252,894,910
2020 $25,555,082,267 $10,487,146,253
2019 $26,196,660,680 $10,519,272,170
2018 $25,754,011,492 $9,650,161,136
2017 $22,946,583,376 $9,164,345,443
2016 $21,046,452,117 $8,596,812,241
2015 $19,909,269,065 $8,447,064,079
2014 $23,225,912,183 $8,129,984,484
2013 $23,959,708,956 $7,714,276,920
2012 $25,047,433,100 $7,556,673,276
2011 $27,641,553,201 $6,802,676,034
2010 $25,799,940,416 $6,052,276,078
2009 $26,048,190,775 $5,603,399,015
2008 $27,958,384,913 $5,120,655,375
2007 $23,968,727,074 $4,017,977,507
2006 $20,072,754,987 $3,274,207,945
2005 $18,433,412,511 $2,933,819,766
2004 $17,320,551,250 $2,376,496,067
2003 $14,547,329,558 $2,138,237,279
2002 $11,420,228,846 $1,966,003,468
2001 $10,397,898,907 $1,966,600,715
2000 $9,985,847,314 $2,068,836,754
1999 $10,497,907,228 $2,157,108,263
1998 $10,248,618,778 $1,989,343,546
1997 $9,547,816,420 $1,851,558,197
1996 $10,011,914,680 $1,382,334,879
1995 $9,933,137,128 $1,293,535,193
1994 $7,425,703,929 $753,636,370
1993 $6,590,291,048 $1,971,525,712
1992 $6,912,150,456 $2,029,026,962
1991 $5,770,197,348 $1,911,600,237
1990 $5,591,130,218 $2,550,185,679
1989 $4,563,482,604 $2,405,022,593
1988 $4,278,792,597 $2,395,492,687
1987 $3,704,813,886 $2,157,432,668
1986 $3,090,734,463 $1,944,710,684
1985 $2,430,411,900 $1,715,626,331
1984 $2,278,248,953 $1,587,413,084
1983 $2,160,364,071 $1,479,687,587
1982 $2,159,242,417 $1,407,243,139
1981 $2,087,496,374 $1,407,062,527
1980 $2,154,311,277 $1,254,765,642
1979 $1,288,699,776 $1,109,346,131
1978 $964,024,364 $905,709,076
1977 $734,876,021 $746,650,613
1976 $576,090,074 $637,753,853
1975 $489,912,574 $571,863,500
1974 - $308,458,423
1973 - $290,746,157
1972 - $246,457,838
1971 - $222,952,504
1970 - $219,900,006
1969 - $188,700,037
1968 - $172,200,018
1967 - $159,560,018
1966 - $124,525,703
1965 - $148,799,980
1964 - $129,999,994
1963 - $128,000,000
1962 - $125,000,008
1961 - $122,000,016
1960 - $119,000,024

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Cyprus vs Rwanda by year

Cyprus
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $30,075 - $1,124 -
2024 $27,707 $63,007 $1,060 $3,711
2023 $26,079 $59,875 $1,061 $3,399
2022 $23,448 $55,876 $1,007 $3,099
2021 $23,057 $47,633 $843 $2,733
2020 $19,624 $42,569 $803 $2,285
2019 $20,360 $44,394 $823 $2,336
2018 $20,267 $40,262 $773 $2,125
2017 $18,295 $37,768 $751 $1,968
2016 $17,013 $35,247 $721 $1,866
2015 $16,326 $31,380 $726 $1,781
2014 $19,326 $29,893 $715 $1,678
2013 $20,238 $30,416 $695 $1,512
2012 $21,493 $31,924 $698 $1,455
2011 $24,110 $33,406 $643 $1,413
2010 $22,876 $33,502 $587 $1,314
2009 $23,480 $33,901 $557 $1,241
2008 $25,626 $34,830 $522 $1,191
2007 $22,344 $32,888 $421 $1,079
2006 $19,037 $30,009 $352 $1,002
2005 $17,790 $27,763 $324 $914
2004 $17,016 $25,942 $269.5 $832
2003 $14,553 $24,278 $249 $775
2002 $11,636 $23,556 $234 $760
2001 $10,785 $22,866 $237.3 $670
2000 $10,537 $21,296 $251.9 $609
1999 $11,273 $19,663 $264.7 $554
1998 $11,206 $18,760 $246.2 $528
1997 $10,637 $17,781 $238.7 $500
1996 $11,373 $17,320 $206 $499
1995 $11,514 $17,096 $228 $514
1994 $8,791 $15,735 $111 $311
1993 $7,978 $14,852 $247 $521
1992 $8,530 $14,759 $264.1 $575
1991 $7,222 $13,546 $254 $542
1990 $7,092 $13,348 $346 $549
1989 $5,870 - $335 -
1988 $5,584 - $344 -
1987 $4,908 - $320 -
1986 $4,159 - $297.7 -
1985 $3,324 - $271.6 -
1984 $3,167 - $259.9 -
1983 $3,055 - $250.6 -
1982 $3,100 - $246.4 -
1981 $3,030 - $254.6 -
1980 $3,154 - $234.4 -
1979 $1,902 - $213.8 -
1978 $1,434 - $179.9 -
1977 $1,102 - $152.7 -
1976 $870 - $134.4 -
1975 $743 - $124.1 -
1974 - - $68.9 -
1973 - - $66.9 -
1972 - - $58.4 -
1971 - - $54.4 -
1970 - - $55.2 -
1969 - - $48.9 -
1968 - - $46 -
1967 - - $44 -
1966 - - $35.4 -
1965 - - $43.5 -
1964 - - $39 -
1963 - - $39.3 -
1962 - - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Cyprus' GDP per capita is $30,075, ranking 45/197, compared to $1,124 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while Rwanda ranks 168th at $3,711.

Economic indicators

Cyprus Rwanda
Gross domestic product
$41.2B
2025
$16.4B
2025
GDP rank
103/197
2025
142/197
2025
GDP growth
3.77%
2024-2025
9.38%
2024-2025
GDP per capita
$30,075
2025
$1,124
2025
GDP per capita rank
45/197
2025
178/197
2025
GDP per capita, PPP
$63,007
2024
$3,711
2024
GDP per capita PPP rank
29/197
2024
168/197
2024
Government debt
$22.8B
2025
$10.6B
2025
Debt-to-GDP ratio
55.3%
2025
64.6%
2025
Government debt per person
$16,632
2025
$726
2025
Government debt per person rank
40/185
2025
155/185
2025
Average annual personal income after taxes
$24,626
2026
$1,614
2026
Market capitalization of domestic companies
$27.9B
2025
$3.2B
2025
Number of millionaires
24,000
2026
n/a
Number of billionaires
10
2026
n/a
Income share by richest 10%
26.3%
2023
33.4%
2023
Income share by poorest 10%
3.6%
2023
3.1%
2023
Government expenditure, % of GDP
40.4%
2025
24.1%
2025
Consumer prices inflation
0.13%
2024-2025
5.91%
2024-2025
Central bank interest rate n/a
6.75%
2025
Unemployment rate
4.4%
2025
5.36%
2025
Population
1388591
15062056

Spending and national debt comparison by year

Cyprus
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Cyprus Rwanda
Government spending Government debt Government spending Government debt
2025 40.4% 55.3% 24.1% 64.6%
2024 38.3% 62.8% 27.1% 63.4%
2023 40.6% 71.1% 26.2% 61.4%
2022 37.7% 80.3% 28.7% 59%
2021 42.7% 96.5% 31% 66.2%
2020 45.9% 113.6% 32.5% 66.7%
2019 40.3% 92.3% 27.7% 52.8%
2018 44.3% 100.7% 26.3% 49.2%
2017 38.4% 96.4% 25.3% 46.1%
2016 39.6% 106.8% 25.4% 41.5%
2015 43% 111.6% 26.9% 33.5%
2014 52.1% 113% 27.8% 29.5%
2013 42.1% 102.7% 26.5% 27%
2012 41.9% 79.2% 24.9% 19.3%
2011 42.1% 64.8% 25% 18.9%
2010 41.7% 55.3% 24.1% 19%
2009 41.9% 52.8% 22.6% 18.7%
2008 38.2% 44.1% 22.7% 18.5%
2007 37.6% 53.1% 22.7% 22.4%
2006 39.1% 59% 20.9% 22.8%
2005 39.7% 64% 20.2% 59.8%
2004 38.6% 64.7% 18.1% 82.1%
2003 40.4% 63% 18.8% 80.7%
2002 37.4% 61% 20.7% 93.4%
2001 35.7% 57.5% 19.3% 85.2%
2000 35% 56% 18.5% 87.2%
1999 34.3% 55.7% 22.7% 79.5%
1998 34.4% 55% 16.6% 71.1%
1997 34.2% 53.5% 17.2% 73.3%
1996 32.4% 48.8% 19.8% 84.6%
1995 30.4% 46.7% 18.3% 102.2%
1994 - - 13.5% -
1993 - - 20.6% -
1992 - - 21.8% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2025, retrieved 2026-07-08).

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

In 2025, Cyprus' government spending was $16.7B, accounting for 40.4% of its GDP, while Rwanda spent $3.95B, or 24.1% of GDP.

Debt-to-GDP ratio is 55.3% in Cyprus and 64.6% in Rwanda, ranking 89/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

Rwanda
1x
Year Deficit/surplus, % of GDP
Cyprus Rwanda
2025 2.99% -4.49%
2024 4.14% -6.19%
2023 1.71% -4.88%
2022 2.69% -5.56%
2021 -1.59% -6.89%
2020 -5.57% -9.26%
2019 1.03% -5%
2018 -3.36% -2.57%
2017 2.13% -2.54%
2016 0.45% -2.3%
2015 -0.77% -2.71%
2014 -8.8% -3.97%
2013 -5.16% -1.29%
2012 -5.55% -2.41%
2011 -5.65% -0.87%
2010 -4.68% -0.65%
2009 -5.43% 0.26%
2008 0.87% 0.84%
2007 3.23% -1.58%
2006 -1.04% -0.03%
2005 -2.22% 1.14%
2004 -3.71% 2.31%
2003 -5.91% -1.25%
2002 -4.13% -2.06%
2001 -2.11% -1.83%
2000 -2.24% -0.22%
1999 -4.05% -4.48%
1998 -3.85% -2.63%
1997 -4.82% -2.25%
1996 -2.96% -5.08%
1995 -0.71% -2.07%
1994 - -9.68%
1993 - -6.7%
1992 - -7.31%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2025, retrieved 2026-07-08).

GeoRank.org/economy/cyprus/rwanda | 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 Rwanda's deficit of $736M, or 4.49% of GDP.

Over the past 31 years, Cyprus recorded a fiscal deficit in 22 of those years, while Rwanda ran a deficit in 27 years. On average, Cyprus posted an annual deficit equal to 2.1% of GDP, compared to deficit of 2.6% of GDP for Rwanda.

Inflation comparison by year

Inflation
Cyprus

Rwanda
1x
Year Consumer prices inflation
Cyprus Rwanda
2025 0.13% 5.91%
2024 1.8% 1.77%
2023 3.54% 19.8%
2022 8.4% 17.7%
2021 2.45% -0.39%
2020 -0.64% 9.85%
2019 0.25% 3.35%
2018 1.44% -0.31%
2017 0.53% 8.28%
2016 -1.43% 7.17%
2015 -2.1% 2.53%
2014 -1.35% 2.35%
2013 -0.4% 5.92%
2012 2.39% 10.3%
2011 3.29% 3.08%
2010 2.43% -0.25%
2009 0.33% 12.9%
2008 4.67% 15.4%
2007 2.37% 9.08%
2006 2.3% 8.88%
2005 2.56% 9.01%
2004 2.29% 12.3%
2003 4.14% 7.45%
2002 2.8% 1.99%
2001 1.97% 3.34%
2000 4.14% 3.9%
1999 1.63% -2.41%
1998 2.23% 6.21%
1997 3.61% 12%

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

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

Over the past 29 years, Cyprus has recorded an average annual inflation rate of 1.92%, compared with 6.8% in Rwanda. In 2025, inflation was 0.13% in Cyprus and 5.91% in Rwanda.

Top exports between countries

Cyprus
Export category Export value
Machinery & equipment $110K
Chemicals & pharma $53K
Textiles & consumer goods $25K
Wood & paper products $7K
Rwanda
Export category Export value

Balance of trade

Cyprus Rwanda
Current account balance
-$2.59B
2025
-$1.81B
2024
Current account balance ranking
149/190
2025
136/190
2024
Current account balance, % of GDP
-6.29%
2025
-12%
2024
Goods imports
$12.6B
2025
$5.55B
2024
Goods exports
$4.62B
2025
$3.2B
2024
Service imports
$25.3B
2025
$991M
2024
Service exports
$35.7B
2025
$1.08B
2024
Imports of goods and services, % of GDP
91.9%
2025
35.1%
2025
Exports of goods and services, % of GDP
97.6%
2025
21.6%
2025

Economic freedom indices

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

Cyprus Rwanda
Economic freedom 74.1 56.5
Economic freedom ranking 21/197 121/197
Property rights 85.1 60.3
Government integrity 59.7 53.9
Judicial effectiveness 89.8 27.5
Tax burden 80.8 80.6
Government spending 52.1 75.7
Fiscal health 91.5 37.5
Business freedom 82.3 60.1
Labor freedom 60.3 49.1
Monetary freedom 78.7 72.3
Trade freedom 79.4 61.8
Investment freedom 70 60
Financial freedom 60 40

Economic freedom comparison by year

Cyprus
Rwanda
1x
Year Economic freedom index
Cyprus Rwanda
2026 74.1 56.5
2025 73.2 54.8
2024 72.2 51.6
2023 72.3 52.2
2022 72.9 57.1
2021 71.4 68.3
2020 70.1 70.9
2019 68.1 71.1
2018 67.8 69.1
2017 67.9 67.6
2016 68.7 63.1
2015 67.9 64.8
2014 67.6 64.7
2013 69 64.1
2012 71.8 64.9
2011 73.3 62.7
2010 70.9 59.1
2009 70.8 54.2
2008 71.3 54.2
2007 71.7 52.4
2006 71.8 52.8
2005 71.9 51.7
2004 74.1 53.3
2003 73.3 47.8
2002 73 50.4
2001 71 45.4
2000 67.2 42.3
1999 67.8 39.8
1998 68.2 39.1
1997 67.9 38.3
1996 67.7 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cyprus Rwanda
Services, % of GDP
76.8%
2025
52.3%
2025
Industry, % of GDP
11.1%
2025
22%
2025
Agriculture, forestry, and fishing, % of GDP
1.12%
2025
20.3%
2025
GNI, Atlas method
$35.6B
2025
$16.7B
2025
GNI per capita, PPP
$57,390
2025
$4,070
2025
Total reserves including gold
$2.95B
2025
$1.96B
2025
Total reserves ranking
121/177
2025
128/177
2025
Net foreign direct investment
-$9.59B
2025
-$560M
2024
Net inflows of foreign direct investment
-$50.4B
2024
$573M
2024
Net outflows of foreign direct investment
-$55.9B
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI n/a
2.91%
2024
Poverty at national poverty lines
13.9%
2021
27.4%
2023
Gross capital formation, % of GDP
19.3%
2025
34.1%
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/rwanda | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1992–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.