Cyprus

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Introduction - Cyprus:
Location - Cyprus:
People - Cyprus:
Government - Cyprus:
Economy - Cyprus:

Economy overview

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 76% of GDP. Tourism and financial services are the most important sectors; erratic growth rates over the past decade reflect the economys 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 a healthy 3.7% to 3.8% per year in 2004, 2005, and 2006, well above the EU average. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005. The government has initiated an aggressive austerity program, which has cut the budget deficit to well below 3%, and the EU is expected to invite Cyprus to adopt the euro as its national currency on 1 January 2008. 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 likely in 2007. The Turkish Cypriot economy has roughly 45% of the per capita GDP of the south, and economic growth tends to be volatile, given the norths relative isolation, bloated public sector, reliance on the Turkish lira, and small market size. 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. The Turkish Cypriots are heavily dependent on transfers from the Turkish Government. Ankara directly finances around one-third of the TRNCs budget. Aid from Turkey has reached over $400 million annually in recent years. Agriculture and services, together, employ more than half of the work force.

Gdp purchasing power parity

area under government control: $18.04 billion
area administered by Turkish Cypriots: $4.54 billion (2006 est.)

Gdp official exchange rate

area under government control: $16.37 billion (2006 est.)

Gdp real growth rate

area under government control: 3.8%
area administered by Turkish Cypriots: 10.6% (2006 est.)

Gdp per capita ppp

area under government control: $23,000
area administered by Turkish Cypriots: $7,135 (2006 est.)

Gdp composition by sector

area under government control: agriculture 3.7%; industry 19.6%; services 76.8% (2005 est.)
area administered by Turkish Cypriots: agriculture 10.6%; industry 20.5%; services 68.9% (2003 est.)

Labor force

area under government control: 380,000
area administered by Turkish Cypriots: 95,025 (2006 est.)

Labor force by occupation

area under government control: agriculture 7.4%, industry 38.2%, services 54.4% (2004 est.)
area administered by Turkish Cypriots: agriculture 14.5%, industry 29%, services 56.5% (2004 est.)

Unemployment rate

area under government control: 5.5% (2005 est.)
area administered by Turkish Cypriots: 5.6% (2004 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

area under government control: 2.8% (2005 est.)
area administered by Turkish Cypriots: 9.1% (2004 est.)

Investment gross fixed

area under government control: 21.2% of GDP (2006 est.)

Budget

area under government control: revenues: $7.395 billion; expenditures: $7.695 billion (2005 est.)
area administered by Turkish Cypriots: revenues: $685.7 million; expenditures: $432.8 million (2003 est.)

Public debt

area under government control: 64.8% of GDP (2006 est.)

Agriculture products

citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese

Industries

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

area under government control: 2.4% (2005 est.)
area administered by Turkish Cypriots: -0.3% (2006 est.)

Electricity production

area under government control: 3.926 billion kWh
area administered by Turkish Cypriots: 998.9 million kWh (2004)

Electricity consumption

area under government control: 3.651 billion kWh (2004)
area administered by Turkish Cypriots: 797.9 million kWh (2004)

Electricity exports

area under government control: 0 kWh (2004)

Electricity imports

area under government control: 0 kWh (2004)

Oil production

area under government control: 300 bbl/day (2005 est.)

Oil consumption

area under government control: 53,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Current account balance

area under government control: -$1.051 billion (2006 est.)

Exports

area under government control: $1.34 billion f.o.b.
area administered by Turkish Cypriots: $68.1 million f.o.b. (2006 est.)

Exports commodities

area under government control: citrus, potatoes, pharmaceuticals, cement, clothing and cigarettes
area administered by Turkish Cypriots: citrus, dairy, potatoes, textiles

Exports partners

UK 15.1%, Greece 14.2%, France 7.7%, Germany 4.9%, UAE 4.2% (2006)

Imports

area under government control: $5.8 billion f.o.b.
area administered by Turkish Cypriots: $1.2 billion f.o.b. (2006 est.)

Imports commodities

area under government control: consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment
area administered by Turkish Cypriots: vehicles, fuel, cigarettes, food, minerals, chemicals, machinery

Imports partners

Greece 17.6%, Italy 11.4%, Germany 9%, UK 8.9%, Israel 6.3%, France 4.3%, Netherlands 4.3%, China 4.2% (2006)

Reserves of foreign exchange and gold

area under government control: $4.613 billion
area administered by Turkish Cypriots: $NA (2006 est.)

Debt external

area under government control: $12.63 billion
area administered by Turkish Cypriots: $NA (2006 est.)

Economic aid recipient

area under government control: $NA
area administered by Turkish Cypriots: 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

Currency code

area under government control: Cypriot pound (CYP)
area administered by Turkish Cypriots: Turkish New lira (YTL)

Exchange rates

Cypriot pounds per US dollar: 0.4586 (2006), 0.4641 (2005), 0.4686 (2004), 0.5174 (2003), 0.6107 (2002)
Turkish lira per US dollar: 1.4451 (2006), 1.3436 (2005), 1.426 million (2004), 1.501 million (2003), 1.507 million (2002)

Communications - Cyprus:
Transportation - Cyprus:
Military - Cyprus:
This page was last updated on 16 September, 2007
Source: CIA >>>


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