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Cyprus
| Economy Overview |
| The Greek Cypriot economy is prosperous but highly susceptible to external shocks. The service sector, mainly tourism and financial services, dominates the economy; 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. Economic policy is focused on meeting the criteria to join the European Exchange Rate Mechanism (ERM2) within the next two years although sluggish tourism and poor fiscal management have resulted in growing budget deficits since 2001. As in the Turkish sector, 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 2001-03, alleviating immediate concerns. The Turkish Cypriot economy has roughly one-third of the per capita GDP of the south, and economic growth tends to be volatile, given north Cyprus's relative isolation, bloated public sector, reliance on the Turkish lira, and small market size. The Turkish Cypriot economy grew 2.6% in 2004, fueled by growth in the construction and education sectors as well as increased employment of Turkish Cypriots in the Republic of Cyprus. The Turkish Cypriots are heavily dependent on transfers from the Turkish government. Ankara provides around $300 million a year directly into the "TRNC" budget and regularly provides additional financing for large infrastructure projects. Agriculture and government service, together employ almost half of the work force, and the potential for tourism is promising, especially with the easing of border restrictions with the Greek Cypriots in April 2003. |
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| Economy Statistics |
| Exports: |
Republic of Cyprus: $1.094 billion f.o.b. north Cyprus: $49.3 million f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
Republic of Cyprus: citrus, potatoes, pharmaceuticals, cement, clothing and cigarettes; north Cyprus: citrus, potatoes, textiles [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
UK 27.2%, Greece 11.9%, Germany 5%, UAE 4.8% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
Republic of Cyprus: $5.258 billion f.o.b. north Cyprus: $415.2 million f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
Republic of Cyprus: consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment; north Cyprus: vehicles, fuel, cigarettes, food, minerals, chemicals, machinery [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Greece 15.2%, Italy 10.5%, Germany 8.9%, UK 8.6%, France 6.3%, Japan 4.7%, Israel 4.4%, China 4% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Cyprus Chamber of Commerce and Industry |
| Address: |
P.O.Box 26813, 1648 Nicosia |
| Phone: |
22-755333 |
| Fax: |
22-759888 |
| Website: |
http://www.ccci.org.cy/ |
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