| Economy | Cyprus |
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Economy - overview:
|
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for nearly four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadiy because of its exposure to Greek debt. The budget deficit is on the rise and reached 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.
Geographic overview
The surface of the earth is approximately 70.9% water and 29.1% land. The former portion is divided into large water bodies termed oceans. Exxun.com recognizes and describes five oceans, which are in decreasing order of size: the Pacific Ocean, Atlantic Ocean, Indian Ocean, Southern Ocean, and Arctic Ocean.
The land portion is generally divided into several, large, discrete landmasses termed continents. Depending on the convention used, the number of continents can vary from five to seven. The most common classification recognizes seven, which are (from largest to smallest): Asia, Africa, North America, South America, Antarctica, Europe, and Australia. Asia and Europe are sometimes lumped together into a Eurasian continent resulting in six continents. Alternatively, North and South America are sometimes grouped as simply the Americas, resulting in a continent total of six (or five, if the Eurasia designation is used).
North America is commonly understood to include the island of Greenland, the isles of the Caribbean, and to extend south all the way to the Isthmus of Panama. The easternmost extent of Europe is generally defined as being the Ural Mountains and the Ural River; on the southeast the Caspian Sea; and on the south the Caucasus Mountains, the Black Sea, and the Mediterranean. Portions of Azerbaijan, Georgia, Kazakhstan, Russia, and Turkey fall within both Europe and Asia, but in every instance the larger section is in Asia. These countries are considered part of both continents. Armenia and Cyprus, which lie completely in Western Asia, are geopolitically European countries.
Asia usually incorporates all the islands of the Philippines, Malaysia, and Indonesia. The islands of the Pacific are often lumped with Australia into a "land mass" termed Oceania or Australasia. Africa's northeast extremity is frequently delimited at the Isthmus of Suez, but for geopolitical purposes, the Egyptian Sinai Peninsula is often included as part of Africa.
Although the above groupings are the most common, different continental dispositions are recognized or taught in certain parts of the world, with some arrangements more heavily based on cultural spheres rather than physical geographic considerations. |
GDP (purchasing power parity):
|
$23.77 billion (2011 est.)
$23.77 billion (2010 est.)
$23.46 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$29,100 (2011 est.)
$29,500 (2010 est.)
$29,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$25.7 billion (2011 est.) |
GDP - real growth rate:
|
0% (2011 est.)
1% (2010 est.)
-1.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.3%
industry: 16.4%
services: 81.3% (2011 est.) |
Investment (gross fixed):
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19% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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29 (2005) |
Inflation rate (consumer prices):
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3.3% (2011 est.)
2.4% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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7.5% (31 December 2011 est.)
6.815% (31 December 2010 est.) |
Stock of money:
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$NA (31 December 2008)
$6.996 billion (31 December 2007)
note: this figure represents the US dollar value of Cypriot pounds in circulation prior to Cyprus joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the EMU; individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
|
1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$75.06 billion (31 December 2007) |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$101.2 billion (31 December 2009 est.)
$80.68 billion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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90,318 USD per capita |
Stock of narrow money:
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$4.833 billion (31 December 2011 est.)
$4.559 billion (31 December 2010 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the EMU; individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$56.25 billion (31 December 2011 est.)
$52.97 billion (31 December 2010 est.) |
Labor force:
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411,300 (2011 est.) |
Labor force participation rate:
|
void |
Labor force - by occupation:
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agriculture: 8.5%
industry: 20.5%
services: 71% (2006 est.) |
Unemployment rate:
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5.1% (2011 est.)
4.6% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 9%
male: 8.6%
female: 9.4% (2008) |
Budget:
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revenues:: $10.74 billion
expenditures:: $12.64 billion (2011 est.) |
Budget revenues per capita:
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void |
Taxes and other revenues:
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41.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-7.4% of GDP (2011 est.) |
Public debt:
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66.8% of GDP (2011 est.)
60.8% of GDP (2010 est.)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment |
Industries:
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tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products |
Industrial production growth rate:
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0.7% (2011 est.) |
Electricity - production:
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4.709 billion kWh (2008 est.) |
Electricity - production per capita:
|
void |
Electricity - consumption:
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4.556 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
4,067 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2010 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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61,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
19.87 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
|
57,290 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2010 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese |
Current account balance:
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-$2.858 billion (2011 est.)
-$1.807 billion (2010 est.) |
Current account balance - per capita:
|
-2,550 USD per capita |
Exports:
|
$2.372 billion (2011 est.)
$2.089 billion (2010 est.) |
Exports per capita:
|
2,117 USD per capita |
Exports - commodities:
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citrus, potatoes, pharmaceuticals, cement, clothing |
Exports - partners:
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Greece 24.5%, Germany 10.5%, UK 8.6% (2010) |
Imports:
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$10.11 billion (2011 est.)
$8.465 billion (2010 est.) |
Imports per capita:
|
9,023 USD per capita |
Imports - commodities:
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consumer goods, petroleum and lubricants, machinery, transport equipment |
Imports - partners:
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Greece 19%, Italy 9.5%, Germany 9%, UK 8.4%, Israel 8%, China 5.3%, France 5.2%, Netherlands 4.6% (2010) |
Reserves of foreign exchange and gold:
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$1.144 billion (31 December 2010 est.)
|
Reserves of foreign exchange and gold - per capita:
|
1,021 USD per capita |
Debt - external:
|
$NA (31 December 2010 est.)
$32.61 billion (31 December 2008 est.) |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
|
$33.51 billion (31 December 2011 est.)
$31.41 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
29,907 USD per capita |
Stock of direct foreign investment - abroad:
|
$20.95 billion (31 December 2011 est.)
$19.95 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
18,698 USD per capita |
Market value of publicly traded shares:
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$6.834 billion (31 December 2010)
$4.993 billion (31 December 2009)
$7.955 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
6,100 USD per capita |
Currency (code):
|
Cypriot pound (CYP); euro (EUR) after 1 January 2008 |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
note:: 0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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