Short facts about the economy in Cyprus
| 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) |
| 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 | Source: World Factbook |
