Cyprus among EU’s stronger performers as GDP growth hits 3.9 per cent

Cyprus recorded solid economic growth in 2024, as real GDP rose by 3.9 per cent year-on-year, according to regional data released by Eurostat covering economic performance across the European Union.

Across the EU, real GDP increased in 169 regions compared with 2023, while 64 regions registered declines, highlighting an uneven economic recovery at regional level.

Cyprus was classified as a single region at this level of detail, placing its 3.9 per cent GDP increase among the stronger performers across the bloc.

The strongest growth in the EU was recorded in Yuzhen Tsentralen in Bulgaria, where real GDP expanded by 11.6 per cent in 2024.

This was followed by Eastern and Midland in Ireland, which posted growth of 8.5 per cent, and Severen Tsentralen in Bulgaria, which recorded an increase of 8.4 per cent.

Malta, also treated as a single region at this level of detail, reported GDP growth of 7.0 per cent, while Mayotte, an overseas region of France, followed with an increase of 6.2 per cent.

At the other end of the scale, the sharpest contraction in real GDP was observed in Yugoiztochen in Bulgaria, where output fell by 12.7 per cent.

Further declines were recorded in the Southern region of Ireland, where GDP dropped by 5.5 per cent, and in La Réunion, another French overseas region, which saw a contraction of 3.7 per cent.

Northern and Western Ireland and Kärnten in Austria both followed with GDP decreases of 3.6 per cent.

Beyond growth rates, Eurostat data showed wide disparities in regional GDP per capita across the EU in 2024 when measured in purchasing power standards.

Regional GDP per capita ranged from 30.1 per cent of the EU average in Mayotte to 268.3 per cent in Eastern and Midland Ireland, underlining persistent economic imbalances.

As in 2023, Eastern and Midland Ireland ranked first, followed by Luxembourg, which recorded GDP per capita at 244.6 per cent of the EU average as a single region at this level of detail.

Southern Ireland ranked third with GDP per capita at 216.6 per cent of the EU average, while Hamburg in Germany and Praha in the Czech Repiblic followed at 196.1 per cent and 191.8 per cent respectively.

Eurostat indicated that high GDP per capita levels in Luxembourg and Praha can be partly explained by a strong inflow of cross-border commuters and the presence of major multinational enterprises.

In contrast, the lowest regional GDP per capita levels after Mayotte were recorded in Guyane in France at 40.8 per cent of the EU average.

Further low rankings were observed in Severozapaden in Bulgaria at 41.7 per cent, Voreio Aigaio in Greece at 42.1 per cent, and Severen Tsentralen in Bulgaria at 43.3 per cent.

Within this broader European picture, Cyprus recorded GDP per capita at 98.9 in purchasing power standards, placing it just below the EU average while maintaining relative income stability.

The data underline Cyprus’ comparatively strong growth performance in 2024, even as sharp contrasts persist between regions across the European Union.