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Cyprus Economy 1996

    • Overview:
      The Greek Cypriot economy is small, diversified, and prosperous. Industry contributes 14% to GDP and employs 29% of the labor force, while the service sector contributes 53% to GDP and employs 57% of the labor force. An average 6.8% rise in real GDP between 1986 and 1990 was temporarily checked in 1991, because of the adverse effects of the Gulf war on tourism. After surging 8.5% in 1992, growth slowed to 2.0% in 1993 - its lowest level in two decades - because of the decline in tourist arrivals associated with the recession in Western Europe, Cyprus' main trading partner, and the loss in export competitiveness due to a sharp rise in unit labor costs. Real GDP is likely to have picked up in 1994, and inflation is estimated to have risen to between 5% and 6%. The Turkish Cypriot economy has less than one-third the per capita GDP of the south. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing, and foreign firms have hesitated to invest there. The economy remains heavily dependent on agriculture, which employs one-quarter of the work force. Moreover, because the Turkish lira is legal tender, the Turkish Cypriot economy has suffered the same high inflation as mainland Turkey. The small, vulnerable economy is estimated to have experienced a sharp drop in growth during 1994 because of the severe economic crisis affecting the mainland. To compensate for the economy's weakness, Turkey provides direct and indirect aid to nearly every sector; financial support has risen in value to about one-third of Turkish Cypriot GDP.

    • National product:

        Greek area:
        GDP - purchasing power parity - $7.3 billion (1994 est.)

        Turkish area:
        GDP - purchasing power parity - $510 million (1994 est.)

    • National product real growth rate:

        Greek area:
        5% (1994 est.)

        Turkish area:
        -4% (1994 est.)

    • National product per capita:

        Greek area:
        $12,500 (1994 est.)

        Turkish area:
        $3,500 (1994 est.)

    • Inflation rate (consumer prices):

        Greek area:
        4.8% (1993)

        Turkish area:
        63.4% (1992)

    • Unemployment rate:

        Greek area:
        2.3% (1993)

        Turkish area:
        1.2% (1992)

    • Budget:

        revenues:
        Greek area - $1.8 billion Turkish area - $285 million

        expenditures:
        Greek area - $2.4 billion, including capital expenditures of $400 million Turkish area - $377 million, including capital expenditures of $80 million (1995 est.)

    • Exports:
      $868 million (f.o.b., 1993)

        commodities:
        citrus, potatoes, grapes, wine, cement, clothing and shoes

        partners:
        UK 18%, Greece 9%, Lebanon 14%, Germany 6%

    • Imports:
      $2.6 billion (f.o.b., 1993)

        commodities:
        consumer goods, petroleum and lubricants, food and feed grains, machinery

        partners:
        UK 13%, Japan 9%, Italy 10%, Germany 8%, US 8%

    • External debt:
      $2.4 billion (1993)

    • Industrial production:
      growth rate 0.1% (1993); accounts for 14% of GDP

    • Electricity:

        capacity:
        550,000 kW

        production:
        2.3 billion kWh

        consumption per capita:
        2,903 kWh (1993)

    • Industries:
      food, beverages, textiles, chemicals, metal products, tourism, wood products

    • Agriculture:
      contributes 6% to GDP and employs 25% of labor force in the south; major crops - potatoes, vegetables, barley, grapes, olives, citrus fruits; vegetables and fruit provide 25% of export revenues

    • Illicit drugs:
      transit point for heroin via air routes and container traffic to Europe, especially from Lebanon and Turkey

    • Economic aid:

        recipient:
        US commitments, including Ex-Im (FY70-89), $292 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $250 million; OPEC bilateral aid (1979-89), $62 million; Communist countries (1970-89), $24 million

    • Currency:
      1 Cypriot pound (#C) = 100 cents; 1 Turkish lira (TL) = 100 kurus

    • Exchange rates:
      Cypriot pounds per $US1 - 0.4725 (January 1995), 0.4915 (1994), 0.4970 (1993), 0.4502 (1992), 0.4615 (1991), 0.4572 (1990); Turkish liras (TL) per US$1 - 37,444.1 (December 1994), 29,608.7 (1994), 10,984.6 (1993), 6,872.4 (1992), 4,171.8 (1991), 2,608.6 (1990)

    • Fiscal year:
      calendar year






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