1UpTravel


 

You are here >1uptravel > International > Middle East > Cyprus



ADVERTISEMENT

Country

 At a Glance

  Introduction

  Topography

  History & Culture

  Life

  Cuisine

  Holidays

  Festivals

  Embassies

  Administration

  Newstand


 Worth a Visit !!

  Cities

  Attractions

  Maps & Cities

  Shopping

  Eating Out

  Recreation

  Essentials

  Travel Links


 Country Facts

  Introduction

  Geography

  People

  Government

  Economy

  Communications

  Transportation

  Military

  Transnational issues


Related

  Cyprus Guide
  Cyprus Maps
  Cyprus Hotels
  Cyprus Flag
  More Cyprus Flags
  Cyprus Geography
  Cyprus Travel Warning



Travel & Tourism . Tourist Guide to the Country

Cyprus Economy




Cyprus    Economy Top of Page
Economy - overview: Economic affairs are affected by the division of the country. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. As in the Turkish sector, water shortage is a growing problem, and several desalination plants are planned. The Turkish Cypriot economy has about one-fifth the population and one-third the per capita GDP of the south. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing, and foreign firms have hesitated to invest there. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. Moreover, the small, vulnerable economy has suffered because the Turkish lira is legal tender. To compensate for the economy's weakness, Turkey provides direct and indirect aid to tourism, education, industry, etc.
GDP: Greek Cypriot area: purchasing power parity - $9.7 billion (2000 est.); Turkish Cypriot area: purchasing power parity - $830 million (1999 est.)
GDP - real growth rate: Greek Cypriot area: 4.2% (2000 est.); Turkish Cypriot area: 4.9% (1999 est.)
GDP - per capita: Greek Cypriot area: purchasing power parity - $16,000 (2000 est.); Turkish Cypriot area: purchasing power parity - $5,300 (1999 est.)
GDP - composition by sector: Greek Cypriot area: agriculture 6.3%, industry 22.4%, services 71.3% (1998); Turkish Cypriot area: agriculture 11.8%, industry 20.5%, services 67.7% (1998)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): Greek Cypriot area: 4.2% (2000 est.); Turkish Cypriot area: 58% (1999 est.)
Labor force: Greek Cypriot area: 291,000; Turkish Cypriot area: 86,300 (2000)
Labor force - by occupation: Greek Cypriot area: services 73%, industry 22%, agriculture 5% (2000); Turkish Cypriot area: services 56.4%, industry 22.8%, agriculture 20.8% (1998)
Unemployment rate: Greek Cypriot area: 3.6% (2000 est.); Turkish Cypriot area: 6% (1998 est.)
Budget: revenues:  Greek Cypriot area - $2.9 billion (2000 est.); Turkish Cypriot area - $294 million (2000 est.)

expenditures:  Greek Cypriot area - $3.2 billion, including capital expenditures of $324 million (2000 est.); Turkish Cypriot $495 million, including capital expenditures of $60 million (2000 est.)
Industries: food, beverages, textiles, chemicals, metal products, tourism, wood products
Industrial production growth rate: Greek Cypriot area: 2.2% (1999); Turkish Cypriot area: -0.3% (1999)
Electricity - production: 2.951 billion kWh (1999); Turkish Cypriot area: NA kWh
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 2.744 billion kWh (1999); Turkish Cypriot area: NA kWh
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: potatoes, citrus, vegetables, barley, grapes, olives, vegetables
Exports: Greek Cypriot area: $1 billion (f.o.b., 1999 est.); Turkish Cypriot area: $51.1 million (f.o.b., 1999)
Exports - commodities: Greek Cypriot area: citrus, potatoes, grapes, wine, cement, clothing and shoes; Turkish Cypriot area: citrus, potatoes, textiles
Exports - partners: Greek Cypriot area: UK 17.3%, Greece 9.7%, Russia 7.0%, Lebanon 5.2% (1999); Turkish Cypriot area: Turkey 51%, UK 31%, other EU 16.5% (1999)
Imports: Greek Cypriot area: $3.6 billion (f.o.b., 1999 est.); Turkish Cypriot area: $402 million (f.o.b., 1999)
Imports - commodities: Greek Cypriot area: consumer goods, petroleum and lubricants, food and feed grains, machinery; Turkish Cypriot area: food, minerals, chemicals, machinery
Imports - partners: Greek Cypriot area: UK 11.2%, US 10.6%, Italy 8.8%, Greece 8.2%, Germany 6.7% (1999); Turkish Cypriot area: Turkey 58.6%, UK 12.5%, other EU 13% (1999)
Debt - external: Greek Cypriot area: $NA; Turkish Cypriot area: $NA
Economic aid - recipient: Greek Cypriot area - $17 million (1998); Turkish Cypriot area - $700 million from Turkey in grants and loans (1990-97) that are usually forgiven
Currency: Greek Cypriot area: Cypriot pound (CYP); Turkish Cypriot area: Turkish lira (TRL)
Currency code: CYP; TRL
Exchange rates: Cypriot pounds per US dollar - 0.6146 (January 2001), 0.6208 (2000), 0.5423 (1999), 0.5170 (1998), 0.5135 (1997), 0.4663 (1996); Turkish liras per US dollar - 677,621 (December 2000), 625,219 (2000), 418,783 (1999), 260,724 (1998), 151,865 (1997), 81,405 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








Make 1Up Travel your HomepageSend this Page to a FriendGo to Top of PagePrint this PageAdd 1Up Travel to your Favorites


CHANNELS

Compare Country InfoHotel DirectoryGeographyFlagsWorld MapsTravel WarningsNational Parks

DESTINATIONS

AsiaAfricaCaribbeanMiddle EastNorth AmericaSouth AmericaCentral AmericaOceania PacificEuropePolar Regions

PHOTO SPECIAL

DestinationsMonumentsAncient WondersModern Wonders Natural Wonders

UTILITIES

World TimeISD CodesTravel Links Link Exchange

 



Disclaimer: Although we've tried to make the information on this web site as accurate as possible, we accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities before you travel.

Copyright © 1Up Travel All Rights Reserved.
Go Up

Privacy Policy