Cyprus Economy 2001

Economy - overview: Economic affairs are affected by the division of the country. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. As in the Turkish sector, water shortage is a growing problem, and several desalination plants are planned. The Turkish Cypriot economy has about one-fifth the population and 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. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. Moreover, the small, vulnerable economy has suffered because the Turkish lira is legal tender. To compensate for the economy's weakness, Turkey provides direct and indirect aid to tourism, education, industry, etc.

GDP:

Greek Cypriot area:

GDP - real growth rate:

Greek Cypriot area:

GDP - per capita:

Greek Cypriot area:

GDP - composition by sector:

Greek Cypriot area:

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):

Greek Cypriot area:

Labor force:

Greek Cypriot area:

Labor force - by occupation:

Greek Cypriot area:

Unemployment rate:

Greek Cypriot area:

Budget:
revenues: Greek Cypriot area - $2.9 billion (2000 est.); Turkish Cypriot area - $294 million (2000 est.)
expenditures: Greek Cypriot area - $3.2 billion, including capital expenditures of $324 million (2000 est.); Turkish Cypriot $495 million, including capital expenditures of $60 million (2000 est.)

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

Industrial production growth rate:

Greek Cypriot area:

Electricity - production:

2.951 billion kWh (1999); Turkish Cypriot area:

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption:

2.744 billion kWh (1999); Turkish Cypriot area:

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: potatoes, citrus, vegetables, barley, grapes, olives, vegetables

Exports:

Greek Cypriot area:

Exports - commodities:

Greek Cypriot area:

Exports - partners:

Greek Cypriot area:

Imports:

Greek Cypriot area:

Imports - commodities:

Greek Cypriot area:

Imports - partners:

Greek Cypriot area:

Debt - external:

Greek Cypriot area:

Economic aid - recipient: Greek Cypriot area - $17 million (1998); Turkish Cypriot area - $700 million from Turkey in grants and loans (1990-97) that are usually forgiven

Currency:

Greek Cypriot area:

Currency code: CYP; TRL

Exchange rates: Cypriot pounds per US dollar - 0.6146 (January 2001), 0.6208 (2000), 0.5423 (1999), 0.5170 (1998), 0.5135 (1997), 0.4663 (1996); Turkish liras per US dollar - 677,621 (December 2000), 625,219 (2000), 418,783 (1999), 260,724 (1998), 151,865 (1997), 81,405 (1996)

Fiscal year: calendar year

NOTE: The information regarding Cyprus on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cyprus Economy 2001 information contained here. All suggestions for corrections of any errors about Cyprus Economy 2001 should be addressed to the CIA.