CYPRUS

COUNTRIES A-Z

Cyprus Economy

Country Name: Republic of Cyprus

Capital City: Nicosia

Population: 784,301 (2006)

Population Growth: 0.53% (2006)

Currency: Cypriot pound (CYP)

Languages: Greek, Turkish, English

Area: 9,250 sq km

Inflation Rate: area under government control: 2.8% (2005 est.)

Unemployment Rate: Republic of Cyprus: 4% (2005), north Cyprus: 5.6% (2004)

Domain extension: .cy

ECONOMIC DETAILS OF CYPRUS

ECONOMY OVERVIEW
The Republic of Cyprus 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 economy's reliance on tourism,

GDP - purchasing power parity:

$16.78 billion

GDP - real growth rate:

3.8%

GDP - per capita:

$21,500 (2005 est.)

GDP - by sector (agriculture):

3.7%

GDP - by sector (industry):

19.8%

GDP - by sector (services):

76.5%

Export Partners:

UK 18.5%, Greece 13.4%, France 11.7%, Germany 5.7% (2005)

Import Partners:

Greece 16.3%, Italy 10.9%, UK 8.9%, Germany 8.3%, Israel 6.5%, China 4.3%, Netherlands 4.1% (2005)

Export Commodities:

citrus, potatoes, pharmaceuticals, cement, clothing and cigarettes;

Import Commodities:

consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment

Exports Volume:

$1.237 billion f.o.b

Imports Volume:

$5.552 billion f.o.b

Labour Force:

370,000

Unemployment Rate:

4% (2005 est.)

Population below poverty line:

NA%

Inflation Rate:

2.6% (2005 est.)

Investment (gross fixed):

19.2% of GDP (2005 est.)

Public Debt:

70.3% of GDP (2005 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:

0.4% (2005 est.)

Electricity - production:

3.801 billion kWh

Electricity - consumption:

3.535 billion kWh (2004)

Electricity - exports:

0 kWh (2003)

Electricity - imports:

0 kWh (2003)

Oil - production:

300 bbl/day (2005 est.)

Oil - consumption:

52,000 bbl/day (2003 est.)

Oil - exports:

NA bbl/day

Oil - imports:

NA bbl/day

Natural gas - production:

0 cu m (2003 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

$-962.3 million (2005 est.)

Currency Code:

Cypriot pound (CYP)