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Economy of Cyprus vs Singapore compared: GDP & Debt

Updated on by Georank team

Cyprus has a GDP of $37.6B compared to $547B for Singapore, ranking 103/197 and 28/197 by economy size, respectively.

Cyprus has $24.5B in government debt (65.1% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Cyprus vs Singapore GDP by year

Cyprus
Singapore
1x
Year GDP, current $
Cyprus Singapore
2024 $37,634,533,332 $547,386,645,892
2023 $35,075,423,857 $505,439,514,078
2022 $31,218,038,929 $509,017,841,147
2021 $30,372,642,502 $436,591,382,250
2020 $25,555,093,854 $349,165,858,545
2019 $26,196,667,100 $376,161,998,830
2018 $25,754,001,368 $377,123,710,561
2017 $22,946,570,629 $343,673,334,902
2016 $21,046,462,281 $319,646,468,521
2015 $19,909,278,417 $307,998,545,269
2014 $23,225,918,260 $314,863,580,758
2013 $23,959,712,861 $307,576,360,585
2012 $25,047,436,975 $295,092,888,077
2011 $27,641,549,302 $279,356,499,090
2010 $25,799,940,078 $239,807,980,591
2009 $26,048,179,949 $194,150,283,772
2008 $27,844,646,258 $193,617,323,539
2007 $23,968,727,074 $180,941,701,358
2006 $20,072,754,987 $148,627,286,361
2005 $18,433,412,511 $127,807,848,728
2004 $17,320,551,250 $115,033,593,101
2003 $14,547,329,558 $97,646,401,096
2002 $11,420,228,846 $92,538,372,870
2001 $10,397,898,907 $89,793,790,670
2000 $9,985,847,314 $96,076,539,926
1999 $10,497,907,228 $86,286,849,755
1998 $10,248,618,778 $85,728,207,782
1997 $9,547,816,420 $100,123,787,215
1996 $10,011,914,680 $96,293,086,513
1995 $9,933,137,128 $87,812,540,788
1994 $7,425,703,929 $73,688,724,431
1993 $6,590,291,048 $60,603,815,716
1992 $6,912,150,456 $52,131,320,033
1991 $5,770,197,348 $45,466,164,978
1990 $5,591,130,218 $36,144,336,769
1989 $4,563,482,604 $30,465,364,739
1988 $4,278,792,597 $25,371,462,488
1987 $3,704,813,886 $20,919,215,578
1986 $3,090,734,463 $18,586,746,057
1985 $2,430,411,900 $19,156,532,746
1984 $2,278,248,953 $19,749,361,098
1983 $2,160,364,071 $17,784,112,150
1982 $2,159,242,417 $16,084,252,378
1981 $2,087,496,374 $14,175,228,844
1980 $2,154,311,277 $11,896,256,783
1979 $1,288,699,776 $9,296,921,724
1978 $964,024,364 $7,517,176,355
1977 $734,876,021 $6,618,585,074
1976 $576,090,074 $6,327,077,974
1975 $489,912,574 $5,633,673,930
1974 - $5,221,534,956
1973 - $3,696,213,333
1972 - $2,721,440,981
1971 - $2,263,785,444
1970 - $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

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

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

GDP per capita in Cyprus vs Singapore by year

Cyprus
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $27,707 $63,007 $90,674 $150,689
2023 $26,079 $59,875 $85,412 $143,786
2022 $23,448 $55,876 $90,299 $143,095
2021 $23,057 $47,633 $80,056 $132,617
2020 $19,624 $42,569 $61,410 $101,518
2019 $20,360 $44,394 $65,952 $105,335
2018 $20,267 $40,262 $66,882 $103,963
2017 $18,295 $37,768 $61,236 $95,744
2016 $17,013 $35,247 $57,006 $89,902
2015 $16,326 $31,380 $55,646 $87,156
2014 $19,326 $29,893 $57,565 $84,555
2013 $20,238 $30,416 $56,967 $83,088
2012 $21,493 $31,924 $55,548 $82,108
2011 $24,110 $33,406 $53,891 $80,052
2010 $22,876 $33,502 $47,237 $75,401
2009 $23,480 $33,901 $38,927 $66,213
2008 $25,522 $34,830 $40,009 $67,735
2007 $22,344 $32,888 $39,433 $68,805
2006 $19,037 $30,009 $33,768 $64,061
2005 $17,790 $27,763 $29,961 $58,822
2004 $17,016 $25,942 $27,608 $54,384
2003 $14,553 $24,278 $23,730 $48,778
2002 $11,636 $23,556 $22,160 $45,083
2001 $10,785 $22,866 $21,700 $43,109
2000 $10,537 $21,296 $23,853 $43,781
1999 $11,273 $19,663 $21,797 $39,949
1998 $11,206 $18,760 $21,829 $37,560
1997 $10,637 $17,781 $26,376 $39,286
1996 $11,373 $17,320 $26,233 $36,873
1995 $11,514 $17,096 $24,915 $35,090
1994 $8,791 $15,735 $21,552 $33,058
1993 $7,978 $14,852 $18,290 $30,062
1992 $8,530 $14,759 $16,136 $27,022
1991 $7,222 $13,546 $14,502 $25,530
1990 $7,092 $13,348 $11,862 $23,815
1989 $5,870 - $10,395 -
1988 $5,584 - $8,914 -
1987 $4,908 - $7,539 -
1986 $4,159 - $6,800 -
1985 $3,324 - $7,002 -
1984 $3,167 - $7,228 -
1983 $3,055 - $6,633 -
1982 $3,100 - $6,078 -
1981 $3,030 - $5,597 -
1980 $3,154 - $4,928 -
1979 $1,902 - $3,901 -
1978 $1,434 - $3,194 -
1977 $1,102 - $2,846 -
1976 $870 - $2,759 -
1975 $743 - $2,490 -
1974 - - $2,342 -
1973 - - $1,685 -
1972 - - $1,264 -
1971 - - $1,071 -
1970 - - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

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

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

Cyprus' GDP per capita is $27,707, ranking 45/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while Singapore ranks 2nd at $150,689.

Economic indicators

Cyprus Singapore
Gross domestic product
$37.6B
2024
$547B
2024
GDP rank
103/197
2024
28/197
2024
GDP growth
3.94%
2023-2024
4.39%
2023-2024
GDP per capita
$27,707
2024
$90,674
2024
GDP per capita rank
45/197
2024
7/197
2024
GDP per capita, PPP
$63,007
2024
$150,689
2024
GDP per capita PPP rank
29/197
2024
2/197
2024
Government debt
$24.5B
2024
$950B
2024
Debt-to-GDP ratio
65.1%
2024
173.5%
2024
Government debt per person
$18,034
2024
$157,326
2024
Government debt per person rank
34/185
2024
1/185
2024
Average annual personal income after taxes
$25,384
2026
$52,793
2026
Market capitalization of domestic companies
$10.9B
2024
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires
10
2025
49
2025
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
14.6%
2024
Consumer prices inflation
1.8%
2023-2024
2.39%
2023-2024
Unemployment rate
4.87%
2024
2.74%
2024
Population
1386362
6125852

Spending and national debt comparison by year

Cyprus
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Cyprus Singapore
Government spending Government debt Government spending Government debt
2024 40% 65.1% 14.6% 173.5%
2023 42% 73.6% 14.8% 172.8%
2022 38% 81.1% 15% 154.3%
2021 42.6% 96.5% 15.6% 141.7%
2020 45.9% 113.6% 24.1% 148.2%
2019 40.3% 92.3% 14% 127.9%
2018 44.3% 100.7% 13.9% 109.4%
2017 38.4% 96.4% 13.6% 107.6%
2016 39.6% 106.8% 15.3% 106.3%
2015 43% 111.6% 14.4% 102.2%
2014 52.1% 113% 12.6% 97.7%
2013 42.1% 102.7% 10.9% 98.2%
2012 41.9% 79.2% 9.83% 106.7%
2011 42.1% 64.8% 9.66% 103.1%
2010 41.7% 55.3% 10.2% 98.7%
2009 41.9% 52.8% 15.9% 101.7%
2008 38.2% 44.1% 14% 97.9%
2007 37.6% 53.1% 9.01% 87.8%
2006 39.1% 59% 12.3% 86.5%
2005 39.7% 64% 12.4% 92.7%
2004 38.6% 64.7% 14.1% 95.7%
2003 40.4% 63% 15.6% 99.1%
2002 37.4% 61% 15.9% 96.3%
2001 35.7% 57.5% 18.2% 94.5%
2000 35% 56% 16.1% 82.3%
1999 34.3% 55.7% 15.9% 85.3%
1998 34.4% 55% 18.1% 84.6%
1997 34.2% 53.5% 14.5% 70.8%
1996 32.4% 48.8% 18.1% 71.3%
1995 30.4% 46.7% 13.8% 69.8%
1994 - - 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

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

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

In 2024, Cyprus' government spending was $15B, accounting for 40% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 65.1% in Cyprus and 173.5% in Singapore, ranking 68/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

Singapore
1x
Year Deficit/surplus, % of GDP
Cyprus Singapore
2024 4.28% 4.44%
2023 1.7% 3.47%
2022 2.65% 1.21%
2021 -1.64% 1.13%
2020 -5.57% -6.73%
2019 1.03% 3.77%
2018 -3.36% 3.68%
2017 2.13% 5.24%
2016 0.45% 3.25%
2015 -0.77% 2.86%
2014 -8.8% 4.6%
2013 -5.16% 5.96%
2012 -5.55% 7.34%
2011 -5.65% 7.96%
2010 -4.68% 5.68%
2009 -5.43% -0.09%
2008 0.87% 3.59%
2007 3.23% 7.12%
2006 -1.04% 2.16%
2005 -2.22% 2.56%
2004 -3.71% 2.06%
2003 -5.91% 0.68%
2002 -4.13% 2.23%
2001 -2.11% 1.2%
2000 -2.24% 4.59%
1999 -4.05% 5.2%
1998 -3.85% 2.41%
1997 -4.82% 5.66%
1996 -2.96% 1.98%
1995 -0.71% 4.8%
1994 - 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

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

GeoRank.org/economy/cyprus/singapore | 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 Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of those years, while Singapore ran a deficit in 2 years. On average, Cyprus posted an annual deficit equal to 2.27% of GDP, compared to surplus of 3.33% of GDP for Singapore.

Inflation comparison by year

Inflation
Cyprus

Singapore
1x
Year Consumer prices inflation
Cyprus Singapore
2024 1.8% 2.39%
2023 3.54% 4.83%
2022 8.4% 6.13%
2021 2.45% 2.32%
2020 -0.64% -0.17%
2019 0.25% 0.57%
2018 1.44% 0.44%
2017 0.53% 0.58%
2016 -1.43% -0.53%
2015 -2.1% -0.52%
2014 -1.35% 1.03%
2013 -0.4% 2.36%
2012 2.39% 4.58%
2011 3.29% 5.25%
2010 2.43% 2.83%
2009 0.33% 0.59%
2008 4.67% 6.64%
2007 2.37% 2.11%
2006 2.3% 0.97%
2005 2.56% 0.43%
2004 2.29% 1.66%
2003 4.14% 0.51%
2002 2.8% -0.39%
2001 1.97% 1%
2000 4.14% 1.36%
1999 1.63% 0.02%
1998 2.23% -0.27%
1997 3.61% 2%

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

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

Over the past 28 years, Cyprus has recorded an average annual inflation rate of 1.99%, compared with 1.74% in Singapore. In 2024, inflation was 1.8% in Cyprus and 2.39% in Singapore.

Top exports between countries

Cyprus
Export category Export value
Transport & tourism services $319M
Machinery & equipment $87.6M
Business & finance services $49.3M
IT & IP services $12M
Chemicals & pharma $7.1M
Processed food, beverages & tobacco $2.23M
Manufacturing & construction services $2.04M
Precious metals & jewellery $1.06M
Animal & marine products $207K
Textiles & consumer goods $130K
Singapore
Export category Export value
Miscellaneous $500M
Machinery & equipment $4.44M
Processed food, beverages & tobacco $4.25M
Chemicals & pharma $927K
Raw agricultural goods $645K
Metals $338K
Raw materials & minerals $316K
Textiles & consumer goods $278K
Precious metals & jewellery $192K
Wood & paper products $158K

Balance of trade

Cyprus Singapore
Current account balance
-$3.07B
2024
$96B
2024
Current account balance ranking
157/190
2024
8/190
2024
Current account balance, % of GDP
-8.16%
2024
+17.5%
2024
Goods imports
$11.9B
2024
$435B
2024
Goods exports
$4.43B
2024
$583B
2024
Service imports
$23.2B
2024
$351B
2024
Service exports
$32.1B
2024
$396B
2024
Imports of goods and services, % of GDP
93.4%
2024
143.6%
2024
Exports of goods and services, % of GDP
97%
2024
178.8%
2024

Economic freedom indices

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

Cyprus Singapore
Economic freedom 74.1 84.4
Economic freedom ranking 21/197 1/197
Property rights 85.1 89.2
Government integrity 59.7 86.1
Judicial effectiveness 89.8 58.3
Tax burden 80.8 89.5
Government spending 52.1 93.4
Fiscal health 91.5 80
Business freedom 82.3 90.6
Labor freedom 60.3 77
Monetary freedom 78.7 83.5
Trade freedom 79.4 95
Investment freedom 70 90
Financial freedom 60 80

Economic freedom comparison by year

Cyprus
Singapore
1x
Year Economic freedom index
Cyprus Singapore
2026 74.1 84.4
2025 73.2 84.1
2024 72.2 83.5
2023 72.3 83.9
2022 72.9 84.4
2021 71.4 89.7
2020 70.1 89.4
2019 68.1 89.4
2018 67.8 88.8
2017 67.9 88.6
2016 68.7 87.8
2015 67.9 89.4
2014 67.6 89.4
2013 69 88
2012 71.8 87.5
2011 73.3 87.2
2010 70.9 86.1
2009 70.8 87.1
2008 71.3 87.3
2007 71.7 87.1
2006 71.8 88
2005 71.9 88.6
2004 74.1 88.9
2003 73.3 88.2
2002 73 87.4
2001 71 87.8
2000 67.2 87.7
1999 67.8 86.9
1998 68.2 87
1997 67.9 87.3
1996 67.7 86.5
1995 - 86.3

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

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

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cyprus Singapore
Services, % of GDP
76.5%
2024
73%
2024
Industry, % of GDP
11.1%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
1.16%
2024
0.03%
2024
GNI, Atlas method
$32B
2024
$451B
2024
GNI per capita, PPP
$56,200
2024
$126,190
2024
Total reserves including gold
$2.09B
2024
$384B
2024
Total reserves ranking
124/177
2024
9/177
2024
Net foreign direct investment
-$5.49B
2024
-$96.7B
2024
Net inflows of foreign direct investment
-$50.4B
2024
$152B
2024
Net outflows of foreign direct investment
-$55.9B
2024
$55.3B
2024
Poverty at national poverty lines
13.9%
2021
n/a
Gross capital formation, % of GDP
20.7%
2024
22.2%
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/singapore | 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 (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.