The 2023 GDP composition of Cyprus highlights that services dominate the economy, comprising 56.49% of the GDP. Wholesale, retail trade, restaurants, and hotels account for another significant portion at 17.87%. Transport, storage, and communication follow at 12.15%. Mining, manufacturing, and utilities contribute 7.56%, while construction adds 3.85%. Agriculture, hunting, forestry, and fishing make up the smallest share at 2.08%. The year-on-year variations reflect stable growth in the services sector with modest expansions in trade and transport sectors. Over the past five years, the compound annual growth rate showed a steady progression, aligning with the overall economic health of Cyprus.
Future trends to watch for include the potential rise in the services sector driven by technology and tourism developments. Investments in infrastructure may enhance trade and transport effectiveness. The incentive to diversify the economy could increase the role of manufacturing and agriculture, aiming to reduce dependency on services. Monitoring these changes will be crucial for assessing the resilience and adaptability of Cyprus's economic framework in the coming years.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 56.49 | 2016 | |
| 2 | 2 Wholesale, retail trade, restaurants and hotels | 17.87 | 2016 | |
| 3 | 3 Transport, storage and communication | 12.15 | 2016 | |
| 4 | 4 Mining, Manufacturing, Utilities | 7.56 | 2016 | |
| 5 | 5 Construction | 3.85 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 2.08 | 2016 |
