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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








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