Economy - overview:
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 3%. An overextended banking sector with excessive exposure to Greek debt resulted in a contraction in economic growth. Two of Cyprus' biggest banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. The economy contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to return to positive growth before 2015. Unemployment is currently over 17% and expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika". Shortly after the election of President Nicos ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with the Troika to a $13 billion bailout that included losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls, some of which remained in place through 2014. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on some bank bondholders. The Troika conditioned the bailout on progress in financial and structural reforms and privatization of state-owned enterprises. Cyprus has downsized and restructured its banking sector significantly. Three positive reviews by the Troika since May 2013 indicate that Cyprus�?" bailout program is on track with a fourth review scheduled in May 2014. In October 2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its territorial waters, which revealed less than anticipated natural gas reserves. Additional exploration drilling is likely to continue in 2014-2015.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates: Economy of the area administered by Turkish Cypriots:
NOTE: The information regarding Cyprus on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cyprus Economy 2015 information contained here. All suggestions for corrections of any errors about Cyprus Economy 2015 should be addressed to the CIA.
$21.62 billion (2013 est.)
country comparison to the world: 130
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$21.78 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
-8.7% (2013 est.)
country comparison to the world: 220
[see also: GDP - real growth rate country ranks ]
$24,500 (2013 est.)
country comparison to the world: 62
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
8.4% of GDP (2013 est.)
country comparison to the world: 143
[see also: Gross national saving country ranks ]
household consumption:
67.2%
government consumption:
20.1%
investment in fixed capital:
10.5%
investment in inventories:
-4.8%
exports of goods and services:
45.5%
imports of goods and services:
-38.5%
agriculture:
2.4%
industry:
15.9%
services:
81.7% (2013 est.)
citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese
tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products
-3.5% (2013 est.)
country comparison to the world: 187
[see also: Industrial production growth rate country ranks ]
443,500 (2013 est.)
country comparison to the world: 157
[see also: Labor force country ranks ]
agriculture:
8.5%
industry:
20.5%
services:
71% (2006 est.)
17.4% (2013 est.)
country comparison to the world: 153
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
31 (2012 est.)
country comparison to the world: 113
[see also: Distribution of family income - Gini index country ranks ]
revenues::
$8.799 billion
expenditures::
$10.04 billion (2013 est.)
40.4% of GDP (2013 est.)
country comparison to the world: 38
[see also: Taxes and other revenues country ranks ]
-5.7% of GDP (2013 est.)
country comparison to the world: 176
[see also: Budget surplus (+) or deficit (-) country ranks ]
113.1% of GDP (2013 est.)
country comparison to the world: 10
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
[see also: Public debt country ranks ]
calendar year
0.2% (2013 est.)
country comparison to the world: 9
[see also: Inflation rate (consumer prices) country ranks ]
0.75% (31 December 2013)
country comparison to the world: 126
note:
this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]
7% (31 December 2013 est.)
country comparison to the world: 118
[see also: Commercial bank prime lending rate country ranks ]
$14.73 billion (31 December 2011 est.)
country comparison to the world: 69
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
[see also: Stock of narrow money country ranks ]
$46.46 billion (31 December 2013 est.)
country comparison to the world: 71
[see also: Stock of broad money country ranks ]
$50.39 billion (31 December 2013 est.)
country comparison to the world: 60
[see also: Stock of domestic credit country ranks ]
$1.996 billion (31 December 2012 est.)
country comparison to the world: 86
[see also: Market value of publicly traded shares country ranks ]
-$358.2 million (2013 est.)
country comparison to the world: 95
[see also: Current account balance country ranks ]
$2.42 billion (2013 est.)
country comparison to the world: 137
[see also: Exports country ranks ]
citrus, potatoes, pharmaceuticals, cement, clothing
Greece 23%, UK 10.1% (2012)
$4.747 billion (2013 est.)
country comparison to the world: 132
[see also: Imports country ranks ]
consumer goods, petroleum and lubricants, machinery, transport equipment
Greece 21.6%, Israel 11.9%, Italy 8.3%, UK 7.3%, Germany 7.1%, Netherlands 6.7%, France 6%, China 4.5% (2012)
$853 million (31 December 2013 est.)
country comparison to the world: 140
[see also: Reserves of foreign exchange and gold country ranks ]
$95.28 billion (31 December 2013 est.)
country comparison to the world: 50
[see also: Debt - external country ranks ]
$28.53 billion (31 December 2013 est.)
country comparison to the world: 63
[see also: Stock of direct foreign investment - at home country ranks ]
$12.11 billion (31 December 2013 est.)
country comparison to the world: 51
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
Economy - overview:
The market-based economy of the area administered by Turkish Cypriots, known locally as the "Turkish Republic of Northern Cyprus" ("TRNC"), is roughly half the size of its southern neighbor and is likewise dominated by the service sector with a large portion of the population employed by the government. Since its creation, the "TRNC" has heavily relied on financial assistance from Turkey which supports the "TRNC" defense, telecommunications, water and postal services, and the "TRNC" remains vulnerable to the Turkish market and monetary policy through its use of the Turkish Lira. The "TRNC" weathered the European financial crisis relatively unscathed-compared to the Republic of Cyprus-because of the lack of financial sector development, health of the Turkish economy, and its separation from the rest of the island.
GDP (purchasing power parity):
$1.829 billion (2007 est.)
GDP - real growth rate:
-0.6% (2010 est.)
GDP - per capita:
$11,700 (2007 est.)
GDP - composition by sector:
agriculture: 8.6%, industry: 22.4%, 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
Reserves of foreign exchange and gold:
$NA
Debt - external:
$NA
Currency (code):
Turkish new lira (YTL)
Exchange rates:
Turkish new lira per US dollar: 1.668 (2011) 1.5026 (2010) 1.55 (2009) 1.3179 (2008) 1.319 (2007)
[see also: GDP country ranks ]
Airport Codes
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This page was last modified 10-Feb-15