Contribution of shipping to Cyprus GDP

The shipping industry pumped a staggering 623 million euros into the real economy of Cyprus last year, solely through ship management.

Cyprus' shipping industry plays a vital role, constituting 7% of the nation's GDP. A recent Moody's report indicates a substantial 75% surge in international shipping earnings in 2023 compared to 2019, attributed in part to pandemic-induced challenges and heightened demand for sea-imported goods. Despite minor declines, economic data in Cyprus remains resilient. Ship management revenues for the first half of 2023 reached €623 million.

Foreign companies with a physical presence in Cyprus, particularly from Germany (40%), Greece (17%), Switzerland (10%), Malta (5%), and Singapore (4%), contribute significantly. Notably, these contribution rates are expected to persist in 2024. Large shipping companies dominate, contributing 94% of the...