Revised figures put Cyprus among EU’s fastest-growing economies

Cyprus has ranked among the European Union’s two fastest-growing economies for three consecutive years, according to revised national accounts figures released on Tuesday, government spokesman Konstantinos Letymbiotis said on Tuesday. The revised data show economic growth of 6 per cent in 2023, up from the previous estimate of 3.6 per cent, while growth for 2024 was revised upwards from 3.9 per cent to 6.6 per cent. For 2025, the growth rate was revised from 3.8 per cent to 4.8 per cent, placing Cyprus second among the EU’s 27 member states, according to the government. By comparison, the EU economy grew by 1.4 per cent in 2025 and the eurozone by 1.2 per cent, meaning Cyprus expanded at more than three times the EU average. Letymbiotis said Cyprus ranked first in the EU in 2024 and second in both 2023 and 2025, despite successive international economic and geopolitical challenges. He attributed the performance to an expanding productive base, increased investment, the attraction of new business activities and continued confidence among international investors. “These developments highlight the resilience, dynamism and significant prospects of our economy,” he said in a written statement. The spokesman added that stronger economic growth had improved the country’s fiscal position, strengthened public debt indicators and increased the government’s capacity to support society. He also pointed to a 15 per cent increase in median earnings, arguing that the benefits of economic growth were being reflected in 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. Letymbiotis said the government intended to use the economy’s performance to strengthen disposable incomes, support families, reinforce the welfare state and improve opportunities for younger generations. “Our goal is to turn this momentum into even greater progress and prosperity for society as a whole,” he said, adding that the government would continue pursuing its economic objectives through fiscal responsibility and long-term planning.