header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Cyprus:
Economy

Flag of Cyprus
Click to enlarge

Cyprus Page


Economy - overview
Definition
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% 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, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average. 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 preceeding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.5% in 2007. As in the area administered by Turkish Cypriots, water shortages are a perennial problem; a few desalination plants are now on line. After 10 years of drought, the country received substantial rainfall from 2001-04 alleviating immediate concerns. Rainfall in 2005 and 2006, however, was well below average, making water rationing a necessity in 2007.
GDP (purchasing power parity)
Definition - World rank and map
$21.38 billion (2007 est.)
GDP (official exchange rate)
Definition
$21.3 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
4.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$27,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.7%
industry: 19.2%
services: 78% (2007 est.)
Labor force
Definition
393,000 (2007 est.)
Labor force - by occupation
Definition
agriculture: 8.5%
industry: 20.5%
services: 71% (2006 est.)
Unemployment rate
Definition - World rank and map
3.9% (2007 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index
Definition - World rank and map
29 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
2.2% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
20.8% of GDP (2007 est.)
Budget
Definition
revenues:: $9.996 billion
expenditures:: $9.304 billion (2007 est.)
Public debt
Definition - World rank and map
59.6% of GDP (2007 est.)
Agriculture - products
Definition
citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese
Industries
Definition
tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products
Industrial production growth rate
Definition - World rank and map
3.8% (2007 est.)
Electricity - production
Definition - World rank and map
4.618 billion kWh (2006)
Electricity - consumption
Definition - World rank and map
4.135 billion kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
5,217 kWh (2006)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
300 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
56,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
70.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
51,640 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
NA
Natural gas - production
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - consumption
Definition - World rank and map
NA
Natural gas - exports
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - imports
Definition - World rank and map
NA
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006)
Current account balance
Definition - World rank and map
-$1.514 billion (2007 est.)
Exports
Definition - World rank and map
$1.489 billion f.o.b. (2007 est.)
Exports - commodities
Definition
citrus, potatoes, pharmaceuticals, cement, and clothing
Exports - partners
Definition
Greece 21.1%, UK 14.3%, Germany 6.6% (2006)
Imports
Definition - World rank and map
$7.786 billion f.o.b. (2007 est.)
Imports - commodities
Definition
consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment
Imports - partners
Definition
Greece 17.7%, Italy 10.2%, UK 9.6%, Germany 9.4%, Israel 6.5%, France 5.4%, China 5.3%, Netherlands 4.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$6.507 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$27.69 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$13.18 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$5.324 billion (2007 est.)
Market value of publicly traded shares
Definition
$48.2 billion (December 2007)
Economic aid - donor
Definition
$25.9 million (2006)
Economic aid - recipient
Definition
$15 million (2006)
Currency (code)
Definition
Cypriot pound (CYP); euro (EUR) after 1 January 2008
Exchange rates
Definition
Cypriot pounds per US dollar: 0.4286 (2007), 0.4586 (2006), 0.4641 (2005), 0.4686 (2004), 0.5174 (2003)
Fiscal year
Definition
calendar year
Economy of the area administered by Turkish Cypriots
Definition
Economy - overview: The Turkish Cypriot economy has roughly 30% of 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. Agriculture and services, together, employ more than half of the work force. The Turkish Cypriot economy grew around 10.6% in 2006, fueled by growth in the construction and education sectors, as well as increased employment of Turkish Cypriots in the area under government control. GDP declined about 2.0% in 2007. The Turkish Cypriots are heavily dependent on transfers from the Turkish Government. Ankara directly finances around one-third of the "TRNC's" budget. Aid from Turkey has exceeded $400 million annually in recent years.
GDP (purchasing power parity): $1.865 billion (2006 est.)
GDP - real growth rate: -2% (2007 est.)
GDP - per capita: $11,800 (2006 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
Economic aid - recipient: under a July 2006 agreement, Turkey plans to provide the area administered by Turkish Cypriots 1.875 billion YTL ($1.3 billion) over three years (600 million YTL in 2006, 625 million YTL in 2007 and 650 million YTL in 2008); Turkey has forgiven most past aid; additionally, the EU pledged financial assistance of Euro 259 million ($388 million) in 2004, which is yet to be disbursed.
Reserves of foreign exchange and gold: $NA
Debt - external: $NA
Currency (code): Turkish new lira (YTL)
Exchange rates: Turkish new lira per US dollar: 1.319 (2007) 1.4286 (2006) 1.3436 (2005) 1.4255 (2004) 1.5009 (2003)


Google
 
Web sitesatlas.com