Overview: These data are for the area controlled by the Republic of Cyprus (information on the northern Turkish-Cypriot area is sparse). The economy is small but diversified. Industry contributes about 28% to GDP and employs 35% of the labor force, while the service sector contributes about 55% to GDP and employs 40% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism played an important role in the strong economic recovery achieved over the past decade. While this growth put considerable pressure on prices and the balance of payments (GDP averaged over 6% during 1975-84), the inflation rate has remained low and the balance-of-payments deficit manageable.

GDP: $3.7 billion, per capita $5,670; real growth rate 7.2% (1987)

Inflation rate (consumer prices): 2.8% (1987)

Unemployment rate: 3.4% (1987)

Budget: revenues $900 million; expenditures $911 million, including capital expenditures of $NA (1987)

Exports: $584 million (f.o.b., 1987); @m5commodities--citrus, potatoes, grapes, wine, cement, clothing and shoes; @m5partners--Middle East and North Africa 37%, UK 27%, other EC 11%, US 2%

Imports: $1.5 billion (c.i.f., 1987); @m5commodities--consumer goods 23%, petroleum and lubricants 12%, food and feed grains, machinery; @m5partners--EC 60%, Middle East and North Africa 7%, US 4%

External debt: $2.8 billion (1988)

Industrial production: growth rate 8.1% (1987)

Electricity: 620,000 kW capacity; 1,671 million kWh produced, 2,410 kWh per capita (1988)

Industries: mining (iron pyrites, gypsum, asbestos), and manufactures principally for local consumption--beverages, footwear, clothing, cement

Agriculture: potatoes and other vegetables, grapes, citrus, wheat, carob beans, olives

Aid: NA

Currency: Cypriot pound (plural--pounds) and in Turkish area, Turkish lira (plural--liras); 1 Cypriot pound (LC) = 100 cents and 1 Turkish lira (TL) = 100 kurus

Exchange rates: Cypriot pounds (LC) per US$1--0.4759 (January 1989), 0.4663 (1988), 0.4807 (1987), 0.5167 (1986), 0.6095 (1985), and in Turkish area, Turkish liras (TL) per US$1--1,155.4 (February 1988), 857.2 (1987), 674.5 (1986), 522.0 (1985)

Fiscal year: calendar year

NOTE: The information regarding Cyprus on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cyprus Economy 1989 information contained here. All suggestions for corrections of any errors about Cyprus Economy 1989 should be addressed to the CIA.