Economy of Northern Cyprus grew by 8.5% in 2024

The Statistical Institute of Northern Cyprus (KKTC İstatistik Kurumu) published data on the Gross Domestic Product for 2024. According to the head of the institution, Sevudi Besimler, the economy grew by 8.5% in nominal terms. The total GDP amounted to 231.98 billion Turkish lira, while GDP per capita was estimated at around 17,498 US dollars.

In real terms, the construction sector recorded the highest growth — 19.9%. It was followed by import taxes (including subsidies) — 12.8%, and industry — 11.4%.

From the perspective of the economic structure at current prices, the main sectors were: trade and tourism — 22.5%, public services — 15.4%, financial institutions — 10.8%, free professions and various services — 10.6%, transport and communications — 9.5%, import duties — 8.5%, industry — 6.7%, housing ownership — 5.5%, agriculture — 5.5%, construction — 4.9%.

Besimler stressed that the publication of the data was made possible thanks to the cooperation of various state bodies and institutions. The figures will be used in the future to analyze and forecast the country’s economic development.