Cyprus economy expanded 25.8 per cent between 2019 and 2024, Eurostat reports

Nicosia, Cyprus. Cyprus recorded real economic growth of 25.8 per cent from 2019 to 2024, placing it among the EU’s strongest performers, according to Eurostat’s regional comparison. The increase exceeded the bloc’s overall growth of 5.6 per cent from the last year before the Covid-19 pandemic to 2024.

Growth across EU regions

Eurostat reported that economic activity increased in 197 of the 244 EU regions with available data. GDP declined in 46 regions, while Ciudad de Ceuta in Spain remained unchanged.

The statistical office’s figures placed Cyprus among the leading economies for growth over the period, though behind Ireland’s regions and several others.

Irish regions lead the ranking

According to Eurostat, Eastern and Midland in Ireland topped the EU comparison with real GDP growth of 38 per cent. The region also ranked first in the EU for GDP per inhabitant in 2024, the latest figures showed.

Ireland’s Northern and Western region ranked second for growth, at 36.4 per cent. Its Southern region posted a 26 per cent increase, placing sixth.

Beyond Ireland, Eurostat recorded the strongest expansions in Romania’s Bucureşti-Ilfov, at 33 per cent; Malta, at 32.9 per cent; and Mayotte, a French outermost region, at 32.1 per cent.

More recent fiscal figures

Separate, more recent data showed Cyprus posting the highest government surplus among EU members in 2025. They also showed that, during the second quarter of 2026, Cyprus registered the bloc’s biggest quarterly reduction in public debt as a proportion of gross domestic product (GDP), alongside its strong economic growth in the earlier period.