Cyprus Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries

Real GDP (purchasing power parity)

$37.546 billion (2021 est.)

$35.209 billion (2020 est.)

$36.819 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.64% (2021 est.)

-4.37% (2020 est.)

5.53% (2019 est.)

Real GDP per capita

$41,700 (2021 est.)

$39,500 (2020 est.)

$41,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$24.946 billion (2019 est.)

Inflation rate (consumer prices)

2.45% (2021 est.)

-0.64% (2020 est.)

0.25% (2019 est.)

Credit ratings

Fitch rating: BBB- (2018)

Moody's rating: Ba2 (2018)

Standard & Poors rating: BBB- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2% (2017 est.)

industry: 12.5% (2017 est.)

services: 85.5% (2017 est.)

GDP - composition, by end use

household consumption: 68.7% (2017 est.)

government consumption: 14.9% (2017 est.)

investment in fixed capital: 21.1% (2017 est.)

investment in inventories: -0.7% (2017 est.)

exports of goods and services: 63.8% (2017 est.)

imports of goods and services: -67.8% (2017 est.)

Agricultural products

milk, potatoes, pork, sheep milk, goat milk, barley, wheat, poultry, olives, tangerines/mandarins

Industries

tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products

Industrial production growth rate

8.1% (2021 est.)

Labor force

655,100 (2021 est.)

Labor force - by occupation

agriculture: 3.8%

industry: 15.2%

services: 81% (2014 est.)

Unemployment rate

6.13% (2021 est.)

7.59% (2020 est.)

7.07% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11.8%

male: 9.2%

female: 14.9% (2021 est.)

Population below poverty line

14.7% (2018 est.)

Gini Index coefficient - distribution of family income

31.2 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%

highest 10%: 28.8% (2014)

Budget

revenues: $10.362 billion (2019 est.)

expenditures: $9.996 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.8% (of GDP) (2017 est.)

Public debt

97.5% of GDP (2017 est.)

106.6% of GDP (2016 est.)

note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment

Taxes and other revenues

22.42% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.957 billion (2021 est.)

-$2.523 billion (2020 est.)

-$1.445 billion (2019 est.)

Exports

$24.551 billion (2021 est.)

$20.379 billion (2020 est.)

$19.835 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

India 9%, Greece 9%, Libya 8%, United Kingdom 7% (2019)

Exports - commodities

ships, refined petroleum, packaged medicines, cheese, recreational boats (2021)

Imports

$23.748 billion (2021 est.) note: data are in current year dollars

$20.711 billion (2020 est.) note: data are in current year dollars

$19.575 billion (2019 est.) note: data are in current year dollars

Imports - partners

Greece 16%, Italy 10%, Turkey 8%, Russia 5%, Germany 5%, United Kingdom 5%, China 5% (2019)

Imports - commodities

refined petroleum, ships, cars, coal tar oil, packaged medicines (2019)

Reserves of foreign exchange and gold

$1.611 billion (31 December 2021 est.)

$1.237 billion (31 December 2020 est.)

$1.033 billion (31 December 2019 est.)

Debt - external

$213.19 billion (2019 est.)

$231.885 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.876 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

Economy of the area administered by Turkish Cypriots

Economy - overview: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the "Turkish Republic of Northern Cyprus" ("TRNC"), until political conditions permit the reunification of the island. The market-based economy of the "TRNC" is roughly one-fifth the size of its southern neighbor and is likewise dominated by the service sector with a large portion of the population employed by the government. In 2012 - the latest year for which data are available - the services sector, which includes the public sector, trade, tourism, and education, contributed 58.7% to economic output. In the same year, light manufacturing and agriculture contributed 2.7% and 6.2%, respectively. Manufacturing is limited mainly to food and beverages, furniture and fixtures, construction materials, metal and non-metal products, textiles and clothing. The "TRNC" maintains few economic ties with the Republic of Cyprus outside of trade in construction materials. Since its creation, the "TRNC" has heavily relied on financial assistance from Turkey, which supports the "TRNC" defense, telecommunications, water and postal services. The Turkish Lira is the preferred currency, though foreign currencies are widely accepted in business transactions. The "TRNC" remains vulnerable to the Turkish market and monetary policy because of its use of the Turkish Lira. The "TRNC" weathered the European financial crisis relatively unscathed - compared to the Republic of Cyprus - because of the lack of financial sector development, the health of the Turkish economy, and its separation from the rest of the island. The "TRNC" economy experienced growth estimated at 2.8% in 2013 and 2.3% in 2014 and is projected to grow 3.8% in 2015.;

GDP (purchasing power parity): $1.829 billion (2007 est.);

GDP - real growth rate: 2.3% (2014 est.);

2.8% (2013 est.);

GDP - per capita: $11,700 (2007 est.);

GDP - composition by sector: agriculture: 6.2%,; industry: 35.1%,; services: 58.7% (2012 est.);

Labor force: 95,030 (2007 est.);

Labor force - by occupation: agriculture: 14.5%,; industry: 29%,; services: 56.5% (2004);

Unemployment rate: 9.4% (2005 est.);

Population below poverty line: %NA;

Inflation rate: 11.4% (2006);

Budget: revenues: $2.5 billion,; expenditures: $2.5 billion (2006);

Agriculture - products: citrus fruit, dairy, potatoes, grapes, olives, poultry, lamb;

Industries: foodstuffs, textiles, clothing, ship repair, clay, gypsum, copper, furniture;

Industrial production growth rate: -0.3% (2007 est.);

Electricity production: 998.9 million kWh (2005);

Electricity consumption: 797.9 million kWh (2005);

Exports: $68.1 million, f.o.b. (2007 est.);

Export - commodities: citrus, dairy, potatoes, textiles;

Export - partners: Turkey 40%; direct trade between the area administered by Turkish Cypriots and the area under government control remains limited;

Imports: $1.2 billion, f.o.b. (2007 est.);

Import - commodities: vehicles, fuel, cigarettes, food, minerals, chemicals, machinery;

Import - partners: Turkey 60%; direct trade between the area administered by Turkish Cypriots and the area under government control remains limited;

Reserves of foreign exchange and gold: NA;

Debt - external: NA;

Currency (code): Turkish new lira (YTL);

Exchange rates: Turkish new lira per US dollar:; 1.9 (2013); 1.8 (2012); 1.668 (2011); 1.5026 (2010); 1.55 (2009);

NOTE: The information regarding Cyprus on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cyprus 2023 information contained here. All suggestions for corrections of any errors about Cyprus 2023 should be addressed to the CIA or the source cited on each page.