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Cyprus
Kypriaki Dimokratia
Kibris Cumhuriyeti
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PeopleCyprus
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions

Economy - overview:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% 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, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average. 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 preceeding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.5% in 2007. As in the area administered by Turkish Cypriots, water shortages are a perennial problem; a few desalination plants are now on line. After 10 years of drought, the country received substantial rainfall from 2001-04 alleviating immediate concerns. Rainfall in 2005 and 2006, however, was well below average, making water rationing a necessity in 2007.

Economy of the area administered by Turkish Cypriots

Economy - overview: The Turkish Cypriot economy has roughly 30% of the per capita GDP of the south, and economic growth tends to be volatile, given the north's relative isolation, bloated public sector, reliance on the Turkish lira, and small market size. Agriculture and services, together, employ more than half of the work force. The Turkish Cypriot economy grew around 10.6% in 2006, fueled by growth in the construction and education sectors, as well as increased employment of Turkish Cypriots in the area under government control. GDP declined about 2.0% in 2007. The Turkish Cypriots are heavily dependent on transfers from the Turkish Government. Ankara directly finances around one-third of the "TRNC's" budget. Aid from Turkey has exceeded $400 million annually in recent years.
GDP (purchasing power parity): $1.865 billion (2006 est.)
GDP - real growth rate: -2% (2007 est.)
GDP - per capita: $11,800 (2006 est.)
GDP - composition by sector: agriculture: 8.6%, industry: 22.5%, services: 69.1% (2006 est.)
Labor force: 95,030 (2007 est.)
Labor force - by occupation: agriculture: 14.5%, industry: 29%, services: 56.5% (2004)
Unemployment rate: 9.4% (2005 est.)
Population below poverty line: %NA
Inflation rate: 11.4% (2006)
Budget: revenues: $2.5 billion, expenditures: $2.5 billion (2006)
Agriculture - products: citrus fruit, dairy, potatoes, grapes, olives, poultry, lamb
Industries: foodstuffs, textiles, clothing, ship repair, clay, gypsum, copper, furniture
Industrial production growth rate: -0.3% (2007 est.)
Electricity production: 998.9 million kWh (2005)
Electricity consumption: 797.9 million kWh (2005)
Exports: $68.1 million, f.o.b. (2007 est.)
Export - commodities: citrus, dairy, potatoes, textiles
Export - partners: Turkey 40%; direct trade between the area administered by Turkish Cypriots and the area under government control remains limited
Imports: $1.2 billion, f.o.b. (2007 est.)
Import - commodities: vehicles, fuel, cigarettes, food, minerals, chemicals, machinery
Import - partners: Turkey 60%; direct trade between the area administered by Turkish Cypriots and the area under government control remains limited
Economic aid - recipient: under a July 2006 agreement, Turkey plans to provide the area administered by Turkish Cypriots 1.875 billion YTL ($1.3 billion) over three years (600 million YTL in 2006, 625 million YTL in 2007 and 650 million YTL in 2008); Turkey has forgiven most past aid; additionally, the EU pledged financial assistance of Euro 259 million ($388 million) in 2004, which is yet to be disbursed.
Reserves of foreign exchange and gold: $NA
Debt - external: $NA
Currency (code): Turkish new lira (YTL)
Exchange rates: Turkish new lira per US dollar: 1.319 (2007) 1.4286 (2006) 1.3436 (2005) 1.4255 (2004) 1.5009 (2003)

GDP (purchasing power parity):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$21.41 billion (2007 est.)

GDP (official exchange rate):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$20.51 billion (2007 est.)

GDP - real growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

4.4% (2007 est.)

GDP - per capita (PPP):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$27,100 (2007 est.)

GDP - composition by sector:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 3.1%
industry: 18.6%
services: 78.3% (2007 est.)

Investment (gross fixed):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

19.6% of GDP (2007 est.)

Population below poverty line:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

NA%

Household income or consumption by percentage share:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

lowest 10%: NA%
highest 10%: NA%

Distribution of family income - Gini index:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

29 (2005)

Inflation rate (consumer prices):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.2% (2007 est.)

Labor force:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

377,400 (2007 est.)

Labor force participation rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Labor force - by occupation:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 8.5%
industry: 20.5%
services: 71% (2006 est.)

Unemployment rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

3.8% (2007 est.)

Budget:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

revenues:: $10.2 billion
expenditures:: $9.9 billion (2007 est.)

Budget revenues per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Public debt:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

61.5% of GDP (2007 est.)

Industries:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

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:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2% (2007 est.)

Electricity - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

4.618 billion kWh (2006)

Electricity - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Electricity - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

4.135 billion kWh (2006)

Electricity - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

5,217 kWh per capita

Electricity - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 kWh (2007)

Electricity - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 kWh (2007)

Oil - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

300 bbl/day (2005 est.)

Oil - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

379 bbl/day per capita

Oil - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

56,000 bbl/day (2005 est.)

Oil - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

25.79 bbl/year per capita

Oil - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 bbl/day (2004)

Oil - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

51,640 bbl/day (2004)

Oil - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

NA

Natural gas - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2007 est.)

Natural gas - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Natural gas - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

NA

Natural gas - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Natural gas - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2007 est.)

Natural gas - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

NA

Natural gas - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (1 January 2006)

Agriculture - products:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese

Current account balance:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$1.469 billion (2007 est.)

Current account balance - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1,854 USD per capita

Exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$1.58 billion f.o.b. (2007 est.)

Exports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1,994 USD per capita

Exports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

citrus, potatoes, pharmaceuticals, cement, and clothing

Exports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

UK 15.1%, Greece 14.2%, France 7.7%, Germany 4.9%, UAE 4.2% (2006)

Imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$7.698 billion f.o.b. (2007 est.)

Imports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

9,713 USD per capita

Imports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment

Imports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Greece 17.6%, Italy 11.4%, Germany 9%, UK 8.9%, Israel 6.3%, France 4.3%, Netherlands 4.3%, China 4.2% (2006)

Reserves of foreign exchange and gold:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$6.176 billion (31 December 2007 est.)

Reserves of foreign exchange and gold - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

7,793 USD per capita

Debt - external:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$26.12 billion (31 December 2007 est.)

Debt - external - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

32,955 USD per capita

Stock of direct foreign investment - at home:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$13.9 billion (2006)

Stock of direct foreign investment - abroad:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$4.7 billion (2006)

Market value of publicly traded shares:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$48.2 billion (December 2007)

Economic aid - donor:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$25.9 million (2006)

Economic aid - recipient:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$15 million (2006)

Economic aid - recipient per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

19 USD per capita

Currency (code):
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Cypriot pound (CYP); euro (EUR) after 1 January 2008

Exchange rates:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Cypriot pounds per US dollar: 0.4286 (2007), 0.4586 (2006), 0.4641 (2005), 0.4686 (2004), 0.5174 (2003)

Fiscal year:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

calendar year
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions


This page was last updated on 5 May, 2008

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