Economy Of Cyprus - Cyprus Information

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Economy Of Cyprus
Cyprus Information - Country Guides

Economy overview	The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. EU-driven tax reforms in 2003 have introduced fiscal imbalances, which, coupled with a sluggish tourism sector, have resulted in growing fiscal deficits. 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. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing and investment. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. To compensate for the economy's weakness, Turkey provides grants and loans to support economic development. Ankara provided $200 million in 2002 and pledged $450 million for the 2003-05 period. Future events throughout the island will be highly influenced by the outcome of negotiations on the UN-sponsored agreement to unite the Greek and Turkish areas.
GDP	Greek Cypriot area: purchasing power parity - $14.82 billion (2003 est.); turkish cypriot area: purchasing power parity - $1.217 billion (2004 est.)
GDP - real growth rate	Greek Cypriot area: 1.9% (2003 est.); turkish cypriot area: 2.6% (2004 est.)
GDP - per capita	Greek Cypriot area: purchasing power parity - $19,200 (2003 est.); turkish cypriot area: purchasing power parity - $5,600 (2004 est.)
GDP - composition by sector	Greek Cypriot area: agriculture 4.1%; industry 20.3%; services 75.6% Turkish Cypriot area: agriculture 10.6%; industry 20.5%; services 68.9% (2004 est.)
Investment gross fixed	19.9% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	Greek Cypriot area: 4.1% (2003 est.); turkish cypriot area: 12.6% (2004 est.)
Labor force	330,000 Greek Cypriot area: 306,000; turkish cypriot area: 95,025 (2004 est.)
Labor force by occupation	Greek Cypriot area: services 75.6%, industry 19.4%, agriculture 4.9% (2003); turkish cypriot area: services 68.9%, industry 20.5%, agriculture 10.6% (2003)
Unemployment rate	Greek Cypriot area: 3.4%; turkish cypriot area: 5.6% (2004 est.)
Budget	revenues: greek cypriot area - $3.971 billion, turkish cypriot area - $231.3 million (2002 est.) expenditures: $4.746 billion, greek cypriot area - $539 million, including capital expenditures of $539 million, turkish cypriot area - $432.8 million, including capital expenditures of na (2004 est.)
Public debt	62.3% of GDP (2004 est.)
Agriculture products	potatoes, citrus, vegetables, barley, grapes, olives, vegetables, poultry, pork, lamb, kids, dairy
Industries	food, beverages, textiles, chemicals, metal products, tourism, wood products
Industrial production growth rate	Greek Cypriot area: -0.6% (2002); turkish cypriot area: -0.3% (2004 est.)
Electricity production	3.401 billion kWh; Turkish Cypriot area: na kwh (2001)
Electricity production by source	fossil fuel: 100% other: 0% (2001) hydro: 0% nuclear: 0%
Electricity consumption	Greek Cypriot area: 3.163 billion kwh; turkish cypriot area: na kwh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2004 est.)
Oil consumption	49,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-545 million (2004 est.)
Exports	Greek Cypriot area: $1.054 billion f.o.b. turkish cypriot area: $46 million f.o.b. (2004 est.)
Exports commodities	Greek Cypriot area: citrus, potatoes, pharmaceuticals, cement, clothing and cigarettes; turkish cypriot area: citrus, potatoes, textiles
Exports partners	UK 32.1%, Greece 9.2%, Lebanon 3.5% (2003)
Imports	Greek Cypriot area: $4.637 billion f.o.b.; turkish cypriot area: $301 million f.o.b. (2003 est.)
Imports commodities	Greek Cypriot area: consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment; turkish cypriot area: food, minerals, chemicals, machinery
Imports partners	Greece 11.9%, Italy 9.8%, UK 8.3%, Germany 7.5%, Japan 5.6%, France 5.1%, China 4.9%, US 4.2%, Spain 4% (2003)
Reserves of foreign exchange gold	$3.453 billion (2004 est.)
Debt external	Greek Cypriot area: $8.85 billion; turkish cypriot area: na (2004 est.)
Economic aid recipient	Greek Cypriot area - $17 million (1998); Turkish Cypriot area - $700 million from Turkey in grants and loans (1990-97), which are usually forgiven (1998)
Currency	Greek Cypriot area: cypriot pound (cyp); turkish cypriot area: turkish lira (trl)
Currency code	CYP; TRL
Exchange rates	Cypriot pounds per US dollar - 0.5174 (2003), 0.6107 (2002), 0.6431 (2001), 0.6224 (2000), 0.5429 (1999), Turkish lira per US dollar 1.505 million (2003), 1.507 million (2002), 1,225,590 (2001), 625,218 (2000), 418,783 (1999)
Fiscal year	calendar year

Cypriot Flag Map Of Cyprus

Economy Of CyprusCyprus Information - Country Guides

Economy Of Cyprus
Cyprus Information - Country Guides