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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: 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: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: 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: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: 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: 1) The information regarding Cyprus on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cyprus Economy 2012 information contained here. All suggestions for corrections of any errors about Cyprus Economy 2012 should be addressed to the CIA.
$23.77 billion (2011 est.)
country comparison to the world: 121
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$25.7 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
0% (2011 est.)
country comparison to the world: 197
[see also: GDP - real growth rate country ranks ]
$29,100 (2011 est.)
country comparison to the world: 47
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 2.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 16.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 81.3% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
411,300 (2011 est.)
country comparison to the world: 157
[see also: Labor force country ranks ]
agriculture: 8.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 71% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]
5.1% (2011 est.)
country comparison to the world: 48
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
29 (2005)
country comparison to the world: 122
[see also: Distribution of family income - Gini index country ranks ]
19% of GDP (2011 est.)
country comparison to the world: 133
[see also: Investment (gross fixed) country ranks ]
revenues:: $10.74 billion
[see also: Budget revenues country ranks ]
expenditures:: $12.64 billion (2011 est.)
[see also: Budget expenditures country ranks ]
41.8% of GDP (2011 est.)
country comparison to the world: 36
[see also: Taxes and other revenues country ranks ]
-7.4% of GDP (2011 est.)
country comparison to the world: 180
[see also: Budget surplus (+) or deficit (-) country ranks ]
66.8% of GDP (2011 est.)
country comparison to the world: 33
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 ]
3.3% (2011 est.)
country comparison to the world: 64
[see also: Inflation rate (consumer prices) country ranks ]
1.75% (31 December 2010)
country comparison to the world: 120
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 ]
7.5% (31 December 2011 est.)
country comparison to the world: 141
[see also: Commercial bank prime lending rate country ranks ]
$4.833 billion (31 December 2011 est.)
country comparison to the world: 97
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 ]
$56.25 billion (31 December 2011 est.)
country comparison to the world: 67
[see also: Stock of broad money country ranks ]
$101.2 billion (31 December 2009 est.)
country comparison to the world: 53
[see also: Stock of domestic credit country ranks ]
$6.834 billion (31 December 2010)
country comparison to the world: 79
[see also: Market value of publicly traded shares country ranks ]
citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese
tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products
0.7% (2011 est.)
country comparison to the world: 149
[see also: Industrial production growth rate country ranks ]
4.709 billion kWh (2008 est.)
country comparison to the world: 116
[see also: Electricity - production country ranks ]
4.556 billion kWh (2008 est.)
country comparison to the world: 117
[see also: Electricity - consumption country ranks ]
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2010 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2010 est.)
country comparison to the world: 165
[see also: Oil - production country ranks ]
61,000 bbl/day (2010 est.)
country comparison to the world: 94
[see also: Oil - consumption country ranks ]
0 bbl/day (2009 est.)
country comparison to the world: 165
[see also: Oil - exports country ranks ]
57,290 bbl/day (2009 est.)
country comparison to the world: 84
[see also: Oil - imports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 173
[see also: Natural gas - production country ranks ]
0 cu m (2009 est.)
country comparison to the world: 170
[see also: Natural gas - consumption country ranks ]
0 cu m (2009 est.)
country comparison to the world: 86
[see also: Natural gas - exports country ranks ]
0 cu m (2010 est.)
country comparison to the world: 181
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2011 est.)
country comparison to the world: 128
[see also: Natural gas - proved reserves country ranks ]
-$2.858 billion (2011 est.)
country comparison to the world: 163
[see also: Current account balance country ranks ]
$2.372 billion (2011 est.)
country comparison to the world: 136
[see also: Exports country ranks ]
citrus, potatoes, pharmaceuticals, cement, clothing
Greece 24.5%, Germany 10.5%, UK 8.6% (2010)
$10.11 billion (2011 est.)
country comparison to the world: 96
[see also: Imports country ranks ]
consumer goods, petroleum and lubricants, machinery, transport equipment
Greece 19%, Italy 9.5%, Germany 9%, UK 8.4%, Israel 8%, China 5.3%, France 5.2%, Netherlands 4.6% (2010)
$1.144 billion (31 December 2010 est.)
country comparison to the world: 132
[see also: Reserves of foreign exchange and gold country ranks ]
$NA (31 December 2010 est.)
[see also: Debt - external country ranks ]
$33.51 billion (31 December 2011 est.)
country comparison to the world: 59
[see also: Stock of direct foreign investment - at home country ranks ]
$20.95 billion (31 December 2011 est.)
country comparison to the world: 44
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
note:: 0.7345 (2007 est.)
Economy - overview: The Turkish Cypriot economy has roughly half 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. The Turkish Cypriots are heavily dependent on transfers from the Turkish Government. Ankara directly finances about one-third of the Turkish Cypriot "administration's" budget. Aid from Turkey has exceeded $400 million annually in recent years. The Turkish Cypriot economy experienced a sharp slowdown in 2008-09 due to the global financial crisis and to its reliance on British and Turkish tourism, both of which declined due to the recession. The Turkish Cypriot budget deficit also deteriorated in 2009 due to decreased state revenues and increased government expenditures on public sector salaries and social services. The Turkish Cypriot economy declined about 0.6% in 2010.
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: 22.5%, 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
Reserves of foreign exchange and gold: $NA
Debt - external: $NA
Currency (code): Turkish new lira (YTL)
Exchange rates: Turkish new lira per US dollar: 1.5181 (2010) 1.319 (2007) 1.4286 (2006) 1.3436 (2005)
[see also: GDP country ranks ]
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12