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, diversified, and prosperous. Industry contributes about 25% 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 have played important roles in the average 6% rise in GDP in recent years.

GDP: $5.4 billion, per capita $7,960; real growth rate 5.5% (1990)

Inflation rate (consumer prices): 4.5% (1990)

Unemployment rate: below 2% (1990)

Budget: revenues $1.2 billion; expenditures $1.4 billion, including capital expenditures of $178 million (1989 est.)

Exports: $770 million (f.o.b., 1990); commodities--citrus, potatoes, grapes, wine, cement, clothing and shoes; partners--UK 23%, Greece 10%, Lebanon 9%, Saudi Arabia 4%

Imports: $2.5 billion (f.o.b., 1990); commodities--consumer goods, petroleum and lubricants, food and feed grains, machinery; partners--France 12%, UK 11%, Japan 11%, Italy 10%

External debt: $2.2 billion (1990)

Industrial production: growth rate 6.5% (1988); accounts for 27% of GDP

Electricity: 620,000 kW capacity; 1,770 million kWh produced, 2,530 kWh per capita (1989)

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

Agriculture: accounts for 7% of GDP and employs 22% of labor force; major crops--potatoes, vegetables, barley, grapes, olives, and citrus fruits; vegetables and fruit provide 25% of export revenues

Economic aid: US commitments, including Ex-Im (FY70-89), $292 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $230 million; OPEC bilateral aid (1979-89), $62 million; Communist countries (1970-89), $24 million

Currency: Cypriot pound (plural--pounds) and in Turkish area, Turkish lira (plural--liras); 1 Cypriot pound (5C) = 100 cents and 1 Turkish lira (TL) = 100 kurus

Exchange rates: Cypriot pounds (5C) per US$1--0.4325 (December 1990), 0.4572 (1990), 0.4933 (1989), 0.4663 (1988), 0.4807 (1987), 0.5167 (1986), 0.6095 (1985); in Turkish area, Turkish liras (TL) per US$1--2,873.9 (December 1990), 2,608.6 (1990), 2,121.7 (1989), 1,422.3 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cyprus Economy 1991 information contained here. All suggestions for corrections of any errors about Cyprus Economy 1991 should be addressed to the CIA.