NICOSIA, April 23 (Xinhua) -- Cyprus' economy expanded by 3.4 percent in real terms in 2024, with gross domestic product (GDP) reaching 33.57 billion euros (38 billion U.S. dollars) at current prices, according to preliminary data released by the national statistical service on Wednesday.
Real GDP, measured in volume terms, stood at 28.75 billion euros. The updated figures reflect revised data from the balance of payments and public finance, along with a change in the base year for volume calculations from 2010 to 2019.
The economic growth was largely driven by strong performances in hospitality, information and communication, construction, and wholesale and retail trade, including motor vehicle repair.
The government also reported a fiscal surplus of 1.44 billion euros, representing 4.3 percent of GDP, while public debt was recorded at 21.83 billion euros, or 65 percent of GDP.
These indicators were part of the preliminary results submitted under the European Commission's excessive deficit procedure. (1 euro = 1.13 U.S. dollar)
