Norway and Cyprus
Norway and Cyprus collaborate through European Economic Area and Norway grants. The framework signed in November 2025 provides funding for local development, culture, public health, protection of vulnerable people and green transition projects.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
On 7 November 2025, Astrid Bergmål, Norwegian state secretary, and Cypriot finance minister Makis Keravnos signed the new financing agreement in Nicosia.
What merchandise trade shows
In 2025, goods trade between Norway and Cyprus totalled 40.3 million current USD.
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from Norway to Cyprus, at 9.7 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 40.31 M USD | 2025 · Comtrade |
| Goods: Norway to Cyprus | 28.04 M USD | 2025 · Comtrade |
| Goods: Cyprus to Norway | 12.27 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Norway to Cyprus | 0.0164 % | 2025 · Comtrade |
| Export share: Cyprus to Norway | ||
| Investment stock: Norway in Cyprus | ||
| Investment stock: Cyprus in Norway |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter NOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Norway to Cyprus
- 2025 · UN Comtrade · Goods; full calendar year; reporter NOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Cyprus to Norway
- 2025 · UN Comtrade · Goods; full calendar year; reporter NOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Norway to Cyprus
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Norway | Cyprus |
|---|---|---|
| Nominal GDP | 530.76 billion USD2025 · WB | 41.23 billion USD2025 · WB |
| GDP per capita | 94,594.19 USD2025 · WB | |
| GDP growth | 1.09 %2025 · WB | 3.77 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 3.06 %Annual average · 2025 · WB | 0.13 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 4.64 %ILO est.2025 · WB | 4.92 %ILO est.2025 · WB |
| Budget balance (% of GDP) | 9.3 %IMF est.2025 · IMF | 3 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 45 %IMF est.2025 · IMF | 55.3 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 13.97 %2025 · WB | -6.29 %2025 · WB |
| Population | 5,610,8702025 · WB | 1,370,7542025 · WB |
| Area | 624,500 km²2023 · WB | 9,250 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Cyprus: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Norway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Cyprus: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Norway: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.Cyprus: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionNorway: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.Cyprus: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.
- Budget balance
- General government (% of GDP)Norway: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Cyprus: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Norway: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Cyprus: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Cyprus: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Population
- PeopleNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Cyprus: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceNorway: 2023 · World Bank · Official World Bank series. Observation year, not download date.Cyprus: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Norway to Cyprus
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 9.7 M USD2025 · Source |
| Electrical and electronic equipment | 2.4 M USD2025 · Source |
| Pharmaceutical products | 0.0539 M USD2025 · Source |
| Vehicles and components | 0.0472 M USD2025 · Source |
| Mineral fuels and oils | 0.0021 M USD2025 · Source |
Cyprus to Norway
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 2.1 M USD2025 · Source |
| Dairy products, eggs and honey | 1.3 M USD2025 · Source |
| Pharmaceutical products | 0.626 M USD2025 · Source |
| Electrical and electronic equipment | 0.223 M USD2025 · Source |
| Vehicles and components | 0.0358 M USD2025 · Source |
How trade has changed
Millions of current USD · full calendar years
View chart figures
| Period | Total | Norway to Cyprus | Cyprus to Norway |
|---|---|---|---|
| 2021 | 83.1 | 28.3 | 54.8 |
| 2022 | 92.2 | 38.1 | 54.2 |
| 2023 | 92.7 | 40.9 | 51.8 |
| 2024 | 26.7 | 20.7 | 6 |
| 2025 | 40.3 | 28 | 12.3 |
Connections between people
It includes predefined projects on culture, public health, and domestic and gender-based violence. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Norway living in Cyprus | ||
| Residents from Cyprus living in Norway | ||
| Study and training: Norway in Cyprus | ||
| Study and training: Cyprus in Norway | ||
| Academic stays: Norway in Cyprus | ||
| Academic stays: Cyprus in Norway | ||
| Travel: Norway to Cyprus | ||
| Travel: Cyprus to Norway |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Norway is 530.8 billion USD (2025), compared with 41.2 for Cyprus (2025). The reference populations are 5.61 and 1.37 million, respectively. In the same year, the economy of Norway was 12.87 times that of Cyprus in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
On 7 November 2025, Astrid Bergmål, Norwegian state secretary, and Cypriot finance minister Makis Keravnos signed the new financing agreement in Nicosia. The allocation for Cyprus is 17.6 million euros: Norway contributes approximately 97%, while Iceland and Liechtenstein contribute the remainder. [1]
Cooperation and bilateral issues
The stated objective combines reducing European social and economic inequalities with strengthening bilateral relations. A multisectoral local development program, allocated 12.1 million euros, falls under the Directorate General for Growth of Cyprus's Ministry of Finance. It includes predefined projects on culture, public health, and domestic and gender-based violence. Green projects, especially on water scarcity, would be selected through an open call. Although the mechanism's period ends in 2028, project disbursements can extend until the end of April 2031. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Norway and Cyprus) totalled 40.3 million current USD. Shipments from the first to the second were 28 million; those in the opposite direction, 12.3 million. The difference between the two flows was 15.8 million, in favour of Norway. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Norway to the partner represented 0.0164% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 83.1 million USD in 2021 and 40.3 million in 2025. The change between the two endpoints was -51.5 % in current dollars. The highest annual value in the period was recorded in 2023, at 92.7 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from Norway to Cyprus, at 9.7 million USD in 2025. Within the selected chapters, machinery and mechanical appliances stands out in shipments from Cyprus to Norway, at 2.1 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Milestones and consequences
- 2025-11-07
Signing of the new grants framework
Representatives of Norway and Cyprus signed an agreement in Nicosia with an allocation of 17.6 million euros; that figure represents planned funding, not spending already carried out. [1]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Norway signs new EEA agreement with Cyprus
Norwegian Ministry of Foreign Affairs · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.