Revised figures put Cyprus among EU’s top two economies for growth for three years

Nicosia, Cyprus. Cyprus recorded one of the two highest economic growth rates in the European Union in each of the past three years, government spokesman Konstantinos Letymbiotis said on Tuesday, citing national accounts revisions published that day.

Growth estimates raised

According to the revised figures cited by Letymbiotis, the economy expanded by 6 per cent in 2023, compared with an earlier estimate of 3.6 per cent. The figure for 2024 rose to 6.6 per cent from 3.9 per cent.

The government said the revised 2025 growth rate of 4.8 per cent, previously estimated at 3.8 per cent, put Cyprus second among the EU’s 27 members.

The EU recorded growth of 1.4 per cent in 2025, while the eurozone expanded by 1.2 per cent. Cyprus therefore grew at over three times the EU-wide rate, according to the government.

Letymbiotis said Cyprus held the EU’s leading position in 2024 and ranked second in 2023 and 2025, despite a succession of international economic and geopolitical challenges.

Investment and household incomes

In a written statement, the spokesman linked the results to a broader productive base, rising investment, new business activities attracted to Cyprus and sustained confidence from international investors.

“These developments highlight the resilience, dynamism and significant prospects of our economy,” he said.

Letymbiotis said faster growth had bolstered Cyprus’s fiscal position, improved indicators relating to public debt and given the government greater capacity to provide support to society.

Citing a rise of 15 per cent in median earnings, he argued that growth was translating into higher household incomes and employment opportunities.

“The real value of growth is to create more wealth, better wages, greater economic security and more opportunities for citizens,” he said.