An Overview of the Economy
The Republic of Cyprus has a very stable economy with high
growth rates, low inflation rates and low unemployment levels. The
island has very few natural resources so trade is vital if the
Cypriot economy is to continue its success. Cyprus joined the EU on
May 1st 2004, which gave a big boost to the economy and resulted in
rapid growth. The country adopted the Euro on 1st January 2008.
NB. All statistics and figures are for the Republic of Cyprus
under government control. Statistics specifically relating to
Turkish controlled Cyprus are available from the CIA World
Factbook.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
21.2 |
| GDP (PPP) (CIA) (US$Billions) |
21.3 |
| GDP Growth (IMF) (%) |
4.4% |
| GDP Growth (CIA) (%) |
4.4% |
| GDP Per Capita (PPP) (IMF) (US$) |
27,428 |
| GDP Per Capita (PPP) (CIA) (US$) |
46,900 |
| GDP by Sector (%) |
Agriculture: 2.7%
Services: 78%
Industry: 19.2% |
| Inflation (%) |
2.2% |
| Population Below the Poverty Line (%) |
- |
| Labour Force (Millions) |
0.393 |
| Labour Force by Occupation (%) |
Agriculture: 8.5%
Services: 71%
Industry: 20.5% |
| Unemployment (%) |
3.9% |
| Main Industries |
Tourism, food and beverage processing,
cement and gypsum production, ship repair
and refurbishment, textiles, light chemicals,
metal products, wood, paper, stone, clay
products. |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (USBillions) |
13.1 |
15.8 |
17.0 |
18.4 |
21.3 |
| GDP Growth (%) |
1.7% |
1.9% |
3.2% |
4.0% |
4.4% |
| GDP Per Capita (US$) |
18,433 |
21,388 |
22,427 |
23,778 |
27,326 |
| GDP Per Capita (PPP) (US$) |
38,252 |
40,038 |
41,919 |
44,129 |
46,900 |
| Inflation (%) |
24.5% |
12.6% |
2.4% |
2.6% |
2.2% |
| Unemployment (%) |
5.6% |
3.4% |
5.6% |
4% |
3.9% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
3.5 |
3.4 |
4.4 |
4.6 |
6.2 |
| Mobile Phone Users |
68,000 |
417,900 |
417,900 |
143,178 |
777,500 |
| Internet Users |
150,000 |
210,000 |
210,000 |
298,000 |
356,600 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
The UK and Greece receive the majority of Cyrus' exports which
are mainly perishable goods, pharmaceuticals, cement and clothing.
Neighbouring Greece provides the largest amount of Cyprus' imports,
with Italy, Germany, the UK and Israel providing the bulk of the
rest of incoming goods. According to figures from the CIA World
Factbook Cyprus has a huge trade deficit, importing $7.786 million
worth of goods but exporting only $1.489 million.
major exports 2007
Citrus, potatoes, pharmaceuticals, cement, clothing.
Major imports 2007
Consumer goods, petroleum and lubricants, intermediate goods,
machinery, transport equipment.
| export partners |
% of total |
| UK |
15.1% |
| Greece |
14.2% |
| France |
7.7% |
| Germany |
4.9% |
| UAE |
4.1% |
| import partners |
% of total |
| Greece |
17.6% |
| Italy |
11.4% |
| Germany |
9.0% |
| UK |
8.9% |
| Israel |
6.2% |
| France |
4.3% |
| Netherlands |
4.3% |
| China |
4.2% |
Source: CIA World Factbook
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