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Economy of Cyprus vs United Arab Emirates compared: GDP & Debt

Updated on by Georank team

Cyprus has a GDP of $37.6B compared to $552B for the United Arab Emirates, ranking 103/197 and 27/197 by economy size, respectively.

Cyprus has $24.5B in government debt (65.1% of GDP), compared to $193B (34.9% of GDP) in the United Arab Emirates.

Cyprus vs United Arab Emirates GDP by year

Cyprus
United Arab Emirates
1x
Year GDP, current $
Cyprus UAE
2024 $37,634,533,332 $552,324,846,835
2023 $35,075,423,857 $522,622,191,967
2022 $31,218,038,929 $511,403,403,676
2021 $30,372,642,502 $422,441,388,700
2020 $25,555,093,854 $357,161,878,829
2019 $26,196,667,100 $433,926,208,305
2018 $25,754,001,368 $440,560,108,918
2017 $22,946,570,629 $403,365,010,211
2016 $21,046,462,281 $381,717,086,453
2015 $19,909,278,417 $381,973,042,886
2014 $23,225,918,260 $424,935,874,745
2013 $23,959,712,861 $409,632,675,289
2012 $25,047,436,975 $392,793,464,942
2011 $27,641,549,302 $368,881,143,635
2010 $25,799,940,078 $307,736,419,333
2009 $26,048,179,949 $253,547,358,747
2008 $27,844,646,258 $315,474,615,739
2007 $23,968,727,074 $257,916,133,424
2006 $20,072,754,987 $222,116,541,865
2005 $18,433,412,511 $180,617,467,965
2004 $17,320,551,250 $147,824,370,320
2003 $14,547,329,558 $124,346,358,067
2002 $11,420,228,846 $109,816,201,498
2001 $10,397,898,907 $103,311,640,572
2000 $9,985,847,314 $104,337,372,362
1999 $10,497,907,228 $84,445,473,111
1998 $10,248,618,778 $75,674,336,283
1997 $9,547,816,420 $78,839,008,445
1996 $10,011,914,680 $73,571,233,996
1995 $9,933,137,128 $65,743,666,576
1994 $7,425,703,929 $59,305,093,980
1993 $6,590,291,048 $55,625,170,253
1992 $6,912,150,456 $54,239,171,888
1991 $5,770,197,348 $51,552,165,622
1990 $5,591,130,218 $50,701,443,748
1989 $4,563,482,604 $41,464,995,914
1988 $4,278,792,597 $36,275,674,203
1987 $3,704,813,886 $36,384,908,744
1986 $3,090,734,463 $33,943,612,095
1985 $2,430,411,900 $40,603,650,232
1984 $2,278,248,953 $41,807,954,236
1983 $2,160,364,071 $42,803,323,345
1982 $2,159,242,417 $46,622,718,605
1981 $2,087,496,374 $49,333,424,135
1980 $2,154,311,277 $43,599,160,050
1979 $1,288,699,776 $31,225,659,621
1978 $964,024,364 $23,775,764,225
1977 $734,876,021 $24,871,775,165
1976 $576,090,074 $19,213,158,779
1975 $489,912,574 $14,720,728,249
1974 - $11,651,505,689
1973 - $4,231,243,616
1972 - $1,415,086,929
1971 - $939,893,600
1970 - $685,986,701

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus/united-arab-emirates | CC BY

GDP per capita in Cyprus vs United Arab Emirates by year

Cyprus
GDP per capita

GDP per capita, PPP
United Arab Emirates
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus UAE
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $27,707 $63,007 $50,274 $79,229
2023 $26,079 $59,875 $49,851 $77,955
2022 $23,448 $55,876 $50,760 $75,072
2021 $23,057 $47,633 $44,119 $68,580
2020 $19,624 $42,569 $37,992 $66,791
2019 $20,360 $44,394 $45,939 $79,816
2018 $20,267 $40,262 $47,135 $77,446
2017 $18,295 $37,768 $43,734 $70,282
2016 $17,013 $35,247 $42,721 $69,987
2015 $16,326 $31,380 $44,910 $73,986
2014 $19,326 $29,893 $52,725 $87,478
2013 $20,238 $30,416 $53,247 $87,526
2012 $21,493 $31,924 $53,142 $89,198
2011 $24,110 $33,406 $51,922 $89,665
2010 $22,876 $33,502 $44,795 $85,120
2009 $23,480 $33,901 $37,803 $84,780
2008 $25,522 $34,830 $50,054 $94,628
2007 $22,344 $32,888 $45,855 $100,813
2006 $19,037 $30,009 $44,343 $106,814
2005 $17,790 $27,763 $38,719 $101,301
2004 $17,016 $25,942 $33,377 $98,661
2003 $14,553 $24,278 $29,660 $92,636
2002 $11,636 $23,556 $27,754 $88,467
2001 $10,785 $22,866 $27,745 $90,370
2000 $10,537 $21,296 $29,866 $92,899
1999 $11,273 $19,663 $25,856 $87,658
1998 $11,206 $18,760 $24,889 $90,229
1997 $10,637 $17,781 $27,983 $96,009
1996 $11,373 $17,320 $28,323 $94,620
1995 $11,514 $17,096 $27,003 $93,702
1994 $8,791 $15,735 $25,473 $89,959
1993 $7,978 $14,852 $25,033 $86,330
1992 $8,530 $14,759 $25,648 $87,509
1991 $7,222 $13,546 $25,691 $87,250
1990 $7,092 $13,348 $26,710 $88,455
1989 $5,870 - $23,167 -
1988 $5,584 - $21,570 -
1987 $4,908 - $23,113 -
1986 $4,159 - $23,132 -
1985 $3,324 - $29,468 -
1984 $3,167 - $32,012 -
1983 $3,055 - $34,650 -
1982 $3,100 - $39,972 -
1981 $3,030 - $44,854 -
1980 $3,154 - $42,925 -
1979 $1,902 - $34,238 -
1978 $1,434 - $29,379 -
1977 $1,102 - $35,020 -
1976 $870 - $31,197 -
1975 $743 - $27,117 -
1974 - - $23,823 -
1973 - - $9,696 -
1972 - - $3,675 -
1971 - - $2,805 -
1970 - - $2,394 -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus/united-arab-emirates | CC BY

Cyprus' GDP per capita is $27,707, ranking 45/197, compared to $50,274 in the United Arab Emirates, ranking 24/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while the United Arab Emirates ranks 16th at $79,229.

Economic indicators

Cyprus UAE
Gross domestic product
$37.6B
2024
$552B
2024
GDP rank
103/197
2024
27/197
2024
GDP growth
3.94%
2023-2024
3.99%
2023-2024
GDP per capita
$27,707
2024
$50,274
2024
GDP per capita rank
45/197
2024
24/197
2024
GDP per capita, PPP
$63,007
2024
$79,229
2024
GDP per capita PPP rank
29/197
2024
16/197
2024
Government debt
$24.5B
2024
$193B
2024
Debt-to-GDP ratio
65.1%
2024
34.9%
2024
Government debt per person
$18,034
2024
$17,568
2024
Government debt per person rank
34/185
2024
36/185
2024
Average annual personal income after taxes
$25,384
2026
$40,522
2026
Market capitalization of domestic companies
$10.9B
2024
$1.05T
2024
Number of millionaires n/a
339,000
2025
Number of billionaires
10
2025
6
2025
Income share by richest 10%
26.3%
2023
20.5%
2018
Income share by poorest 10%
3.6%
2023
2.8%
2018
Government expenditure, % of GDP
40%
2024
21.4%
2024
Consumer prices inflation
1.8%
2023-2024
1.7%
2023-2024
Central bank interest rate n/a
3.65%
2025
Unemployment rate
4.87%
2024
1.88%
2024
Population
1386362
11686438

Spending and national debt comparison by year

Cyprus
Spending

Debt
United Arab Emirates
Spending

Debt
1x
Year % of GDP
Cyprus UAE
Government spending Government debt Government spending Government debt
2024 40% 65.1% 21.4% 34.9%
2023 42% 73.6% 22.7% 31.9%
2022 38% 81.1% 22.7% 31.5%
2021 42.6% 96.5% 25.9% 35.7%
2020 45.9% 113.6% 30.5% 30.1%
2019 40.3% 92.3% 27.4% 25.8%
2018 44.3% 100.7% 25.9% 20.7%
2017 38.4% 96.4% 27.2% 21.2%
2016 39.6% 106.8% 31.7% 18.6%
2015 43% 111.6% 26.4% 15.6%
2014 52.1% 113% 31.4% 13.5%
2013 42.1% 102.7% 28.9% 15.3%
2012 41.9% 79.2% 27.8% 20.2%
2011 42.1% 64.8% 29.6% 20.4%
2010 41.7% 55.3% 30.4% 18.3%
2009 41.9% 52.8% 35% 21.1%
2008 38.2% 44.1% 22% 8.95%
2007 37.6% 53.1% 17.7% 8.89%
2006 39.1% 59% 15.6% 5.05%
2005 39.7% 64% 15.7% 4.48%
2004 38.6% 64.7% 17.7% 4.08%
2003 40.4% 63% 20% 3.33%
2002 37.4% 61% 21.3% 3.43%
2001 35.7% 57.5% 25.2% 2.69%
2000 35% 56% 21.8% 3.12%
1999 34.3% 55.7% 24.3% 4.73%
1998 34.4% 55% 25.8% 4.18%
1997 34.2% 53.5% 22.6% 2.86%
1996 32.4% 48.8% 27.6% 3.48%
1995 30.4% 46.7% 26.1% 5.06%
1994 - - 30.1% 5.58%
1993 - - 31.5% 6.01%
1992 - - 29.6% 5.31%
1991 - - 36% 4.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1991–1998, retrieved 2026-02-20).

GeoRank.org/economy/cyprus/united-arab-emirates | CC BY

In 2024, Cyprus' government spending was $15B, accounting for 40% of its GDP, while the United Arab Emirates spent $118B, or 21.4% of GDP.

Debt-to-GDP ratio is 65.1% in Cyprus and 34.9% in the United Arab Emirates, ranking 68/185 and 146/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

United Arab Emirates
1x
Year Deficit/surplus, % of GDP
Cyprus UAE
2024 4.28% 6.41%
2023 1.7% 5.82%
2022 2.65% 9.8%
2021 -1.64% 3.96%
2020 -5.57% -2.42%
2019 1.03% 2.5%
2018 -3.36% 3.65%
2017 2.13% -0.16%
2016 0.45% -2.95%
2015 -0.77% -6.35%
2014 -8.8% 1.74%
2013 -5.16% 7.99%
2012 -5.55% 8.59%
2011 -5.65% 5.05%
2010 -4.68% 0.52%
2009 -5.43% -6.13%
2008 0.87% 17.6%
2007 3.23% 17.1%
2006 -1.04% 20.2%
2005 -2.22% 16%
2004 -3.71% 6.4%
2003 -5.91% 2.35%
2002 -4.13% -1.24%
2001 -2.11% 1.21%
2000 -2.24% 10.7%
1999 -4.05% 1.31%
1998 -3.85% 1%
1997 -4.82% 6.71%
1996 -2.96% 0.92%
1995 -0.71% 3.58%
1994 - -1.78%
1993 - -2.89%
1992 - 3.34%
1991 - 3.89%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20).

GeoRank.org/economy/cyprus/united-arab-emirates | 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 the United Arab Emirates' surplus of $35.4B, or 6.41% of GDP.

Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of those years, while the United Arab Emirates ran a deficit in 6 years. On average, Cyprus posted an annual deficit equal to 2.27% of GDP, compared to surplus of 4.73% of GDP for the United Arab Emirates.

Inflation comparison by year

Inflation
Cyprus

United Arab Emirates
1x
Year Consumer prices inflation
Cyprus UAE
2024 1.8% 1.7%
2023 3.54% 1.6%
2022 8.4% 4.8%
2021 2.45% -0.1%
2020 -0.64% -2.1%
2019 0.25% -1.9%
2018 1.44% 3.1%
2017 0.53% 2%
2016 -1.43% 1.6%
2015 -2.1% 4.1%
2014 -1.35% 2.3%
2013 -0.4% 1.1%
2012 2.39% 0.7%
2011 3.29% 0.9%
2010 2.43% 0.9%
2009 0.33% -4.7%
2008 4.67% 12.3%
2007 2.37% 11.1%
2006 2.3% 9.3%
2005 2.56% 6.2%
2004 2.29% 5%
2003 4.14% 3.1%
2002 2.8% 2.9%
2001 1.97% 2.8%
2000 4.14% 1.3%
1999 1.63% 2.1%
1998 2.23% 2%
1997 3.61% 3%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/cyprus/united-arab-emirates | CC BY

Over the past 28 years, Cyprus has recorded an average annual inflation rate of 1.99%, compared with 2.75% in the United Arab Emirates. In 2024, inflation was 1.8% in Cyprus and 1.7% in the United Arab Emirates.

Top exports between countries

Cyprus
Export category Export value
Machinery & equipment $29.8M
Processed food, beverages & tobacco $19.2M
Chemicals & pharma $6.52M
Textiles & consumer goods $3.03M
Animal & marine products $1.28M
Metals $1.11M
Precious metals & jewellery $1.02M
Miscellaneous $295K
Weapons & explosives $269K
Raw materials & minerals $239K
UAE
Export category Export value
Machinery & equipment $89.9M
Metals $25.8M
Chemicals & pharma $17.7M
Textiles & consumer goods $6.14M
Precious metals & jewellery $5.99M
Processed food, beverages & tobacco $2.38M
Raw agricultural goods $1.5M
Wood & paper products $654K
Raw materials & minerals $394K
Miscellaneous $310K

Balance of trade

Cyprus UAE
Current account balance
-$3.07B
2024
$80B
2024
Current account balance ranking
157/190
2024
9/190
2024
Current account balance, % of GDP
-8.16%
2024
+14.5%
2024
Goods imports
$11.9B
2024
$400B
2024
Goods exports
$4.43B
2024
$467B
2024
Service imports
$23.2B
2024
$117B
2024
Service exports
$32.1B
2024
$181B
2024
Imports of goods and services, % of GDP
93.4%
2024
92.2%
2023
Exports of goods and services, % of GDP
97%
2024
106.8%
2023

Economic freedom indices

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

Cyprus UAE
Economic freedom 74.1 71.9
Economic freedom ranking 21/197 29/197
Property rights 85.1 62.9
Government integrity 59.7 65.3
Judicial effectiveness 89.8 34.4
Tax burden 80.8 99.9
Government spending 52.1 85.1
Fiscal health 91.5 97.6
Business freedom 82.3 84.5
Labor freedom 60.3 63.2
Monetary freedom 78.7 81.2
Trade freedom 79.4 78.6
Investment freedom 70 50
Financial freedom 60 60

Economic freedom comparison by year

Cyprus
United Arab Emirates
1x
Year Economic freedom index
Cyprus UAE
2026 74.1 71.9
2025 73.2 71.6
2024 72.2 71.1
2023 72.3 70.9
2022 72.9 70.2
2021 71.4 76.9
2020 70.1 76.2
2019 68.1 77.6
2018 67.8 77.6
2017 67.9 76.9
2016 68.7 72.6
2015 67.9 72.4
2014 67.6 71.4
2013 69 71.1
2012 71.8 69.3
2011 73.3 67.8
2010 70.9 67.3
2009 70.8 64.7
2008 71.3 62.6
2007 71.7 62.6
2006 71.8 62.2
2005 71.9 65.2
2004 74.1 67.2
2003 73.3 73.4
2002 73 73.6
2001 71 74.9
2000 67.2 74.2
1999 67.8 71.5
1998 68.2 72.2
1997 67.9 71.9
1996 67.7 71.6

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

GeoRank.org/economy/cyprus/united-arab-emirates | CC BY

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, compared to 71.9 for the United Arab Emirates, ranking 29/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cyprus UAE
Services, % of GDP
76.5%
2024
54.9%
2024
Industry, % of GDP
11.1%
2024
44.3%
2024
Agriculture, forestry, and fishing, % of GDP
1.16%
2024
0.77%
2024
GNI, Atlas method
$32B
2024
$566B
2024
GNI per capita, PPP
$56,200
2024
$81,530
2024
Total reserves including gold
$2.09B
2024
$238B
2024
Total reserves ranking
124/177
2024
14/177
2024
Net foreign direct investment
-$5.49B
2024
$31.5B
2024
Net inflows of foreign direct investment
-$50.4B
2024
$45.6B
2024
Net outflows of foreign direct investment
-$55.9B
2024
$77.2B
2024
Poverty at national poverty lines
13.9%
2021
19.5%
2020
Gross capital formation, % of GDP
20.7%
2024
26.6%
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/united-arab-emirates | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, 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 (2023–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1991–1998, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.