Cyprus is recording growth rates that place the country among the top performers in Europe, Government Spokesperson Konstantinos Letymbiotis said in a written statement, while stressing that the government’s goal “is to turn this momentum into even greater progress and prosperity for society as a whole.”
“As a government, we are harnessing the momentum of the economy to increase disposable income, provide more substantial support to families, strengthen the welfare state and create better prospects for the younger generation,” he stressed.
Commenting on the revised National Accounts data released on 20 October, Letymbiotis said Cyprus is among the leading performers in European economic growth, adding that for the third consecutive year it ranks among the EU’s two fastest-growing economies, with growth of 6.0% in 2023 (up from 3.6%), 6.6% in 2024 (up from 3.9%) and 4.8% in 2025 (up from 3.8%).
Compared with the rest of Europe in 2025, the Cypriot economy recorded growth of 4.8%, against just 1.4% in the European Union and 1.2% in the eurozone, he said.
“In other words, it is growing at more than three times the EU average, ranking second among the 27 member states,” he added.
He also noted that Cyprus ranked first in the European Union in 2024 and second in 2023, meaning that for three consecutive years it has been “at the forefront of European economic performance, despite successive international economic and geopolitical challenges.”
“This development highlights the resilience, dynamism and significant prospects of our economy. These results reflect the broadening of our productive base, the significant investments being made in the country, the attraction of new business activities and the confidence of international investors,” he stressed.
At the same time, he said, they “strengthen our fiscal position, improve public debt indicators and expand the state’s capacity to provide meaningful support to society.”
The Government Spokesperson also said that “the strength of the economy is reflected in the 15% increase in median earnings, demonstrating the tangible social benefits of strong economic growth.”
He also said that “economic progress creates more and better employment opportunities, promotes the creation of better-paid jobs, boosts incomes and lays the foundations for a higher standard of living,” adding that “this is the true value of growth.”
“It should create more wealth, better wages, greater economic security and more opportunities for citizens,” he added.
Finally, Letymbiotis said the government would “continue to build on what we have achieved with a clear plan, fiscal responsibility and determination, setting even higher goals as we work toward a Cyprus that moves forward.”
(Source: CNA)
