Cyprus - Economic Indicators

Economic Overview

The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 4%. However, the economy tipped into recession in 2009...

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GDP Reference Last Previous Units Frequency
Real Private Consumption 2018 Q2 3,351 3,296 Mil. Ch. 2010 EUR, SA Quarterly
Real Gross Domestic Product 2018 Q2 5,035 4,997 Mil. Ch. 2010 EUR, SA Quarterly
Real Investment 2018 Q2 1,075 402.49 Mil. Ch. 2010 EUR, SA Quarterly
Real Government Consumption 2018 Q2 791.6 776.88 Mil. Ch. 2010 EUR, SA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q2 1,128 218.71 Mil. Ch. 2010 EUR, SA Quarterly
Private Consumption 2018 Q1 3,329 3,302 Mil. EUR, SA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q1 350.39 1,677 Mil. EUR, SA Quarterly
Investment 2018 Q1 383.57 1,611 Mil. EUR, SA Quarterly
Nominal Gross Domestic Product 2018 Q1 4,925 4,911 Mil. EUR, SA Quarterly
Government Consumption 2018 Q1 731.86 728.24 Mil. EUR, SA Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Oct 2018 102.29 101.85 Index 2015=100, NSA Monthly
Producer Price Index (PPI) Sep 2018 103.3 103.2 Index 2015=100, NSA Monthly
Wholesale Price Index 2012 105 102.91 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Total Employment 2018 Q2 402,302 386,098 #, NSA Quarterly
Unemployment Rate 2018 Q2 7.3 10.7 %, NSA Quarterly
Labor Force Employment 2018 Q2 402,302 386,098 #, NSA Quarterly
Unemployment 2018 Q2 31,888 46,468 #, NSA Quarterly
Labor Force 2018 Q2 434,191 432,566 #, NSA Quarterly
Wage & Salaries 2018 Q2 1,912 1,906 EUR, SA Quarterly
Agriculture Employment 2017 21,761 22,277 # Annual
Trade Reference Last Previous Units Frequency
Exports of Goods Sep 2018 263,991 264,162 Ths. EUR, NSA Monthly
Imports of Goods Sep 2018 661,656 628,442 Ths. EUR, NSA Monthly
Balance of Goods Sep 2018 -397,665 -364,280 Ths. EUR, NSA Monthly
Current Account Balance 2018 Q2 -313,174,964 -157,862,483 USD, NSA Quarterly
Real Exports of Goods and Services 2018 Q1 3,141 2,688 Mil. Ch. 2005 EUR, SA Quarterly
Real Imports of Goods and Services 2018 Q1 2,858 3,487 Mil. Ch. 2005 EUR, SA Quarterly
Net Exports 2018 Q1 467.1 -842.9 Mil. EUR, SA Quarterly
Real Net Exports 2018 Q1 282.9 -798.4 Mil. Ch. 2005 EUR, SA Quarterly
Exports of Goods and Services 2018 Q1 3,616 3,027 Mil. EUR, SA Quarterly
Imports of Goods and Services 2018 Q1 3,149 3,870 Mil. EUR, SA Quarterly
Government Reference Last Previous Units Frequency
Government Budget Balance 2018 Q2 -18.7 345.6 Mil. EUR, NSA Quarterly
Government Expenditures 2018 Q2 1,793 1,542 Mil. EUR, NSA Quarterly
Government Revenues 2018 Q2 1,774 1,888 Mil. EUR, NSA Quarterly
Outstanding Public Debt - Domestic 2017 -2,761,181 -3,382,082 Ths. EUR Annual
Outstanding Public Debt 2017 -18,107,966 -18,693,430 Ths. EUR Annual
Outstanding Public Debt - Foreign 2017 -15,346,785 -15,311,347 Ths. EUR Annual
Markets Reference Last Previous Units Frequency
Average Long-term Government Bond Oct 2018 2.35 2.01 % p.a., NSA Monthly
Stock Market Index 2017 69.5 66.41 Index 9mar2004=1000 EOP Annual
Lending Rate Jun 2008 5 5 % Monthly
Money Market Rate Dec 2007 4.57 4.57 % p.a., NSA Monthly
Treasury Bills (over 31 days) Mar 2007 3.61 3.56 % p.a., NSA Monthly
Real Estate Reference Last Previous Units Frequency
Residential Building Permits Aug 2018 286 397 #, NSA Monthly
Building Permits Aug 2018 415 589 #, NSA Monthly
Non-residential Building Permits Aug 2018 75 97 #, NSA Monthly
House Price Index 2018 Q2 75.3 75.04 Index 2010Q1=100, NSA Quarterly
House Price Index for Existing Homes 2018 Q2 99.52 101.91 Index 2015=100, NSA Quarterly
House Price Index for New Homes 2018 Q2 105.75 103.6 Index 2015=100, NSA Quarterly
Dwelling Stocks 2015 446 444 Ths. # Annual
Consumer Reference Last Previous Units Frequency
Consumer Confidence Oct 2018 -5.2 -5.6 SA Monthly
Retail Sales Aug 2018 117.3 122.5 Index 2015=100, NSA Monthly
Real Retail Sales Aug 2018 119 125.3 Vol. Index 2015=100, NSA Monthly
Business Reference Last Previous Units Frequency
Capacity Utilization 2018 Q4 62.5 61.8 %, SA Quarterly
Industrial Production Aug 2018 110.2 142.3 Index 2015=100, NSA Monthly
Real Change in Inventories 2018 Q1 -23.64 63.3 Mil. Ch. 2005 EUR, SA Quarterly
Change in Inventories 2018 Q1 -33.18 65.84 Mil. EUR, SA Quarterly
Demographics Reference Last Previous Units Frequency
Net Migration 2017 25,001 # Annual
Deaths 2016 5,471 5,859 # Annual
Births 2016 9,455 9,170 # Annual
Death Rate 2016 6.4 6.9 # per Ths. pop. Annual
Birth Rate 2016 11.1 10.9 # per Ths. pop. Annual
Population 2016 854.8 848.3 Ths. # Annual

Factbook

Background

Background:
A former British colony, Cyprus became independent in 1960 following years of resistance to British rule. Tensions between the Greek Cypriot majority and Turkish Cypriot minority came to a head in December 1963, when violence broke out in the capital of Nicosia. Despite the deployment of UN peacekeepers in 1964, sporadic intercommunal violence continued, forcing most Turkish Cypriots into enclaves throughout the island. In 1974, a Greek Government-sponsored attempt to overthrow the elected president of Cyprus was met by military intervention from Turkey, which soon controlled more than a third of the island. In 1983, the Turkish Cypriot administered area declared itself the "Turkish Republic of Northern Cyprus" ("TRNC"), but it is recognized only by Turkey. A UN-mediated agreement, the Annan Plan, failed to win approval by both communities in 2004. In February 2014, after a hiatus of nearly two years, the leaders of the two communities resumed formal discussions under UN auspices aimed at reuniting the divided island. Talks were suspended in October 2014, but resumed in earnest in May 2015 following the election of a new Turkish Cypriot "president." The entire island entered the EU on 1 May 2004, although the EU acquis - the body of common rights and obligations - applies only to the areas under the internationally recognized government, and is suspended in the area administered by Turkish Cypriots. However, individual Turkish Cypriots able to document their eligibility for Republic of Cyprus citizenship legally enjoy the same rights accorded to other citizens of EU states.

Geography

Location:
Middle East, island in the Mediterranean Sea, south of Turkey; note - Cyprus views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both
Geographic coordinates:
35 00 N, 33 00 E
Map references:
Middle East
Area:
total: 9,251 sq km (of which 3,355 sq km are in north Cyprus)
land: 9,241 sq km
water: 10 sq km
country comparison to the world: 170
Area - comparative:
about 0.6 times the size of Connecticut
Land boundaries:
total: 156 km
border sovereign base areas: Akrotiri 48 km, Dhekelia 108 km
Coastline:
648 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
temperate; Mediterranean with hot, dry summers and cool winters
Terrain:
central plain with mountains to north and south; scattered but significant plains along southern coast
Elevation:
mean elevation: 91 m
elevation extremes: lowest point: Mediterranean Sea 0 m
highest point: Mount Olympus 1,951 m
Natural resources:
copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment
Land use:
agricultural land: 13.4%
arable land 9.8%; permanent crops 3.2%; permanent pasture 0.4%
forest: 18.8%
other: 67.8% (2011 est.)
Irrigated land:
460 sq km (2012)
Population - distribution:
population concentrated in central Nicosia and in the major cities of the south: Paphos, Limassol, and Larnaca
Natural hazards:
moderate earthquake activity; droughts
Environment - current issues:
water resource problems (no natural reservoir catchments, seasonal disparity in rainfall, sea water intrusion to island's largest aquifer, increased salination in the north); water pollution from sewage, industrial wastes, and pesticides; coastal degradation; erosion; loss of wildlife habitats from urbanization
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 94, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: none of the selected agreements
Geography - note:
the third largest island in the Mediterranean Sea (after Sicily and Sardinia)

People & Society

Population:
1,221,549 (July 2017 est.)
country comparison to the world: 159
Nationality:
noun: Cypriot(s)
adjective: Cypriot
Ethnic groups:
Greek 98.8%, other 1% (includes Maronite, Armenian, Turkish-Cypriot), unspecified 0.2%
note: data represent only the government-controlled area of Cyprus (2011 est.)
Languages:
Greek (official) 80.9%, Turkish (official) 0.2%, English 4.1%, Romanian 2.9%, Russian 2.5%, Bulgarian 2.2%, Arabic 1.2%, Filipino 1.1%, other 4.3%, unspecified 0.6%
note: data represent only the government-controlled area of Cyprus (2011 est.)
Religions:
Orthodox Christian 89.1%, Roman Catholic 2.9%, Protestant/Anglican 2%, Muslim 1.8%, Buddhist 1%, other (includes Maronite, Armenian Church, Hindu) 1.4%, unknown 1.1%, none/atheist 0.6%
note: data represent only the government-controlled area of Cyprus (2011 est.)
Age structure:
0-14 years: 15.6% (male 97,955/female 92,648)
15-24 years: 13.81% (male 91,846/female 76,853)
25-54 years: 47.04% (male 303,297/female 271,364)
55-64 years: 11.45% (male 67,053/female 72,854)
65 years and over: 12.09% (male 63,870/female 83,809) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 42.3
youth dependency ratio: 24
elderly dependency ratio: 18.3
potential support ratio: 5.5
note: data represent the whole country (2015 est.)
Median age:
total: 36.8 years
male: 35.5 years
female: 38.3 years (2017 est.)
country comparison to the world: 69
Population growth rate:
1.32% (2017 est.)
country comparison to the world: 86
Birth rate:
11.3 births/1,000 population (2017 est.)
country comparison to the world: 176
Death rate:
6.8 deaths/1,000 population (2017 est.)
country comparison to the world: 137
Net migration rate:
8.7 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 12
Population distribution:
population concentrated in central Nicosia and in the major cities of the south: Paphos, Limassol, and Larnaca
Urbanization:
urban population: 66.8% of total population (2017)
rate of urbanization: 0.84% annual rate of change (2015-20 est.)
Major urban areas - population:
NICOSIA (capital) 251,000 (2014)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.19 male(s)/female
25-54 years: 1.11 male(s)/female
55-64 years: 0.92 male(s)/female
65 years and over: 0.77 male(s)/female
total population: 1.04 male(s)/female (2017 est.)
Mother's mean age at first birth:
28.8 years
note: data represent only government-controlled areas (2014 est.)
Maternal mortality ratio:
7 deaths/100,000 live births (2015 est.)
country comparison to the world: 164
Infant mortality rate:
total: 7.9 deaths/1,000 live births
male: 9.2 deaths/1,000 live births
female: 6.4 deaths/1,000 live births (2017 est.)
country comparison to the world: 155
Life expectancy at birth:
total population: 78.8 years
male: 76 years
female: 81.8 years (2017 est.)
country comparison to the world: 54
Total fertility rate:
1.47 children born/woman (2017 est.)
country comparison to the world: 200
Health expenditures:
7.4% of GDP (2014)
country comparison to the world: 70
Physicians density:
2.5 physicians/1,000 population (2014)
Hospital bed density:
3.4 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
21.8% (2016)
country comparison to the world: 84
Education expenditures:
6.1% of GDP (2014)
country comparison to the world: 19
Literacy:
definition: age 15 and over can read and write
total population: 99.1%
male: 99.5%
female: 98.7% (2015 est.)
School life expectancy (primary to tertiary education):
total: 15 years
male: 14 years
female: 15 years (2015)
Unemployment, youth ages 15-24:
total: 32.8%
male: 34.7%
female: 31.1% (2015 est.)
country comparison to the world: 29
People - note:
demographic data for Cyprus represent the population of the government-controlled area and the area administered by Turkish Cypriots, unless otherwise indicated

Government

Country name:
conventional long form: Republic of Cyprus
conventional short form: Cyprus
local long form: Kypriaki Dimokratia/Kibris Cumhuriyeti
local short form: Kypros/Kibris
note: the Turkish Cypriot community, which administers the northern part of the island, refers to itself as the "Turkish Republic of Northern Cyprus" or "TRNC" ("Kuzey Kibris Turk Cumhuriyeti" or "KKTC")
etymology: the derivation of the name "Cyprus" is unknown, but the extensive mining of copper metal on the island in antiquity gave rise to the Latin word "cuprum" for copper
Government type:
Republic of Cyprus - presidential democracy; Turkish Republic of Northern Cyprus (self-declared) - semi-presidential democracy
note: a separation of the two main ethnic communities inhabiting the island began following the outbreak of communal strife in 1963; this separation was further solidified when a Greek military-junta-supported coup attempt prompted the Turkish intervention in July 1974 that gave the Turkish Cypriots de facto control in the north; Greek Cypriots control the only internationally recognized government on the island; on 15 November 1983, then Turkish Cypriot "President" Rauf DENKTAS declared independence and the formation of a "Turkish Republic of Northern Cyprus" ("TRNC"), which is recognized only by Turkey
Capital:
name: Nicosia (Lefkosia/Lefkosa)
geographic coordinates: 35 10 N, 33 22 E
time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
6 districts; Ammochostos (Famagusta); (all but a small part located in the Turkish Cypriot community), Keryneia (Kyrenia; the only district located entirely in the Turkish Cypriot community), Larnaka (Larnaca; with a small part located in the Turkish Cypriot community), Lefkosia (Nicosia; a small part administered by Turkish Cypriots), Lemesos (Limassol), Pafos (Paphos); note - the 5 "districts" of the "TRNC" are Gazimagusa (Famagusta), Girne (Kyrenia), Guzelyurt (Morphou), Iskele (Trikomo), Lefkosa (Nicosia)
Independence:
16 August 1960 (from the UK); note - Turkish Cypriots proclaimed self-rule on 13 February 1975 and independence in 1983, but these proclamations are recognized only by Turkey
National holiday:
Independence Day, 1 October (1960); note - Turkish Cypriots celebrate 15 November (1983) as "Republic Day"
Constitution:
history: ratified 16 August 1960; note - in 1963, the constitution was partly suspended as Turkish Cypriots withdrew from the government; Turkish-held territory in 1983 was declared the "Turkish Republic of Northern Cyprus" ("TRNC"); in 1985, the "TRNC" approved its own constitution
amendments: constitution of the Republic of Cyprus - proposed by the House of Representatives; passage requires at least two-thirds majority vote of the total membership of the “Greek Community” and the “Turkish Community”; however, all seats of Turkish Cypriot members have remained vacant since 1964; amended several times, last in 2016
constitution of the “Turkish Republic of Northern Cyprus” - proposed by at least 10 members of the Assembly of the Republic; passage requires at least two-thirds majority vote of the total Assembly membership and approval by referendum; amended 2014
Legal system:
mixed legal system of English common law and civil law with European law supremacy
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Cyprus
dual citizenship recognized: yes
residency requirement for naturalization: 7 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Nikos ANASTASIADEIS (since 28 February 2013); the president is both chief of state and head of government; note - vice presidency reserved for a Turkish Cypriot, but vacant since 1974 because Turkish Cypriots do not participate in the Cyprus Government
head of government: President Nikos ANASTASIADEIS (since 28 February 2013)
cabinet: Council of Ministers appointed by the president; note - under the 1960 constitution, 3 of the ministerial posts reserved for Turkish Cypriots, appointed by the vice president; positions currently filled by Greek Cypriots
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term; election last held on 28 January 2018 with a runoff on 4 February 2018 (next to be held in February 2023)
election results: Nikos ANASTASIADEIS reelected president in second round; percent of vote in first round - Nikos ANASTASIADEIS (DISY) 35.5%, Stavros MALAS (AKEL) 30.2%, Niolas PAPADOPOULOS (DIKO) 25.7%, other 8.6%; percent of vote in second round - Nikos ANASTASIADEIS 56%, Savros MALAS 44%
note: Mustafa AKINCI assumed office as "president" of the "TRNC" on 30 April 2015; percent of vote in first round (19 April 2015) - Dervis EROGLU 28.2%, Mustafa AKINCI 26.9%, other 44.9%; percent of vote in runoff (26 April 2015) - AKINCI 60.5%, EROGLU 39.5%; Tufan ERHURMAN is "TRNC prime minister" since 2 February 2018)
Legislative branch:
description: area under government control: unicameral House of Representatives or Vouli Antiprosopon (80 seats; 56 assigned to Greek Cypriots, 24 to Turkish Cypriots, but only those assigned to Greek Cypriots are filled; members directly elected by both proportional representation and preferential vote; members serve 5-year terms); area administered by Turkish Cypriots: unicameral Assembly of the Republic or Cumhuriyet Meclisi (50 seats; members directly elected by proportional representation vote to serve 5-year terms)
elections: area under government control: last held on 22 May 2016 (next to be held in May 2021); area administered by Turkish Cypriots: last held on 7 January 2018 (next to be held in 2023)
election results: area under government control: House of Representatives - percent of vote by party - DISY 30.7%, AKEL 25.7%, DIKO 14.5%, KS-EDEK 6.2%, Citizen's Alliance 6.0% Solidarity Movement 5.2%, other 11.7%; seats by party - DISY 18, AKEL 16, DIKO 9, KS-EDEK 3, Citizen's Alliance 3 (2 left the party in 2017 and 2018 due to disagreements over the party's policy regarding the presidential election campaign; the two became independent MPs), Solidarity Movement 3, other 4; area administered by Turkish Cypriots: "Assembly of the Republic" - percent of vote by party - UBP 35.6%, CTP 20.9%, HP 17.1%, TDP 8.6%, DP 7.8%, YDP 7.0%; seats by party - UBP 21, CTP 12, HP 9, TDP 3, DP 3, YDP2
Judicial branch:
highest court(s): Supreme Court of Cyprus (consists of 13 judges including the court president); note - the highest court in the "Turkish Republic of Northern Cyprus (TRNC)" is the "Supreme Court" (consists of 8 "judges" including the "court president")
judge selection and term of office: Republic of Cyprus Supreme Court judges appointed by the president of the republic upon the recommendation of the Supreme Court judges; judges can serve until age 68; "TRNC Supreme Court" judges appointed by the "Supreme Council of Judicature," a 12-member body of judges, the attorney general, appointees - 1 each by the president of the "TRNC" and by the "Legislative Assembly" - and 1 member elected by the bar association; judge tenure NA
subordinate courts: Republic of Cyprus district courts; Assize Courts; Administrative Court; specialized courts for issues relating to family, industrial disputes, military, and rent control; "TRNC Assize Courts"; "district and family courts"
Political parties and leaders:
area under government control:
Citizens' Alliance or SP [Giorgos LILLIKAS]
Democratic Party or DIKO [Nicolas PAPADOPOULOS]
Democratic Rally or DISY [Averof NEOPHYTOU]
Ecological and Environmental Movement or KOP (Green party) [Giorgos PERDIKIS]
Movement of Social Democrats-United Democratic Center Union or KS-EDEK [Marinos SIZOPOULOS]
National Popular Front or ELAM [Christos CHRISTOU]
Progressive Party of the Working People or AKEL (Communist party) [Andros KYPRIANOU]
Solidarity Movement [Eleni THEOCHAROUS]
United Democrats or EDI [Praxoula ANTONIADOU]
area administered by Turkish Cypriots:
Communal Democracy Party or TDP [Cemal OZYIGIT]
Communist Liberation Party-New Forces or TKP-YG [Mehmet CAKICI]
Democratic Party or DP [Serdar DENKTAS]
National Democratic Party or NDP [Buray BUSKUVUTCU]
National Unity Party or UBP [Huseyin OZGURGUN]
People's Party or HP [Kudret OZERSAY]
Rebirth Party or YDP [Erhan ARIKLI]
Republican Turkish Party or CTP [Tufan ERHURMAN]
United Cyprus Party or BKP [Izzet IZCAN]
Political pressure groups and leaders:
Confederation of Cypriot Workers or SEK [Andreas MATSAS] (pro-West)
Pan-Cyprian Labor Federation or PEO [Pambis KYRITSIS] (communist-controlled)
area administered by Turkish Cypriots: Federation of Revolutionary Labor Unions or Dev-Is
Federation of Turkish Cypriot Labor Unions or Turk-Sen [Arslan BICAKLI]
International organization participation:
Australia Group, C, CD, CE, EBRD, ECB, EIB, EMU, EU, FAO, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, NSG, OAS (observer), OIF, OPCW, OSCE, PCA, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador (vacant); Charge d'Affaires Andreas NIKOLAIDES (since February 2018)
chancery: 2211 R Street NW, Washington, DC 20008
telephone: [1] (202) 462-5772, 462-0873
FAX: [1] (202) 483-6710
consulate(s) general: New York
note: representative of the Turkish Cypriot community in the US is Ismet KORUKOGLU; office at 1667 K Street NW, Washington, DC; telephone [1] (202) 887-6198
Diplomatic representation from the US:
chief of mission: Ambassador Kathleen Ann DOHERTY (since 7 October 2015)
embassy: corner of Metochiou and Ploutarchou Streets, 2407 Engomi, Nicosia
mailing address: P. O. Box 24536, 1385 Nicosia
telephone: [357] (22) 393939
FAX: [357] (22) 393344
Flag description:
centered on a white field is a copper-colored silhouette of the island (the island has long been famous for its copper deposits) above two olive-green-colored, crossed olive branches; the branches symbolize the hope for peace and reconciliation between the Greek and Turkish communities
note 1: one of only two national flags that uses a map as a design element; the flag of Kosovo is the other
note 2: the "Turkish Republic of Northern Cyprus" flag retains the white field of the Cyprus national flag but displays narrow horizontal red stripes positioned a small distance from the top and bottom edges between which are centered a red crescent and a red five-pointed star; the banner is modeled after the Turkish national flag but with the colors reversed
National symbol(s):
Cypriot mouflon (wild sheep), white dove; national colors: blue, white
National anthem:
name: "Ymnos eis tin Eleftherian" (Hymn to Liberty)
lyrics/music: Dionysios SOLOMOS/Nikolaos MANTZAROS
note: adopted 1960; Cyprus adopted the Greek national anthem as its own; the Turkish Cypriot community in Cyprus uses the anthem of Turkey

Economy

Economy - overview:
The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008.
During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 4%. However, the economy tipped into recession in 2009 as the ongoing global financial crisis and resulting low demand hit the tourism and construction sectors. An overextended banking sector with excessive exposure to Greek debt added to the contraction. Cyprus’ biggest two banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. In July 2012, Cyprus became the fifth euro-zone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika."
Shortly after the election of President Nikos ANASTASIADES in February 2013, Cyprus reached an agreement with the Troika on a $13 billion bailout that triggered a two-week bank closure and the imposition of capital controls that remained partially in place until April 2015. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on bank bondholders. As with other EU countries, the Troika conditioned the bailout on passing financial and structural reforms and privatizing state-owned enterprises. Despite downsizing and restructuring, the Cypriot financial sector remains burdened by the largest stock of non-performing loans in the euro zone, equal to nearly half of all loans. Since the bailout, Cyprus has received positive appraisals by the Troika and outperformed fiscal targets but has struggled to overcome political opposition to bailout-mandated legislation, particularly regarding privatizations. Cyprus emerged from recession in 2015 and its economy grew an estimated 1.5% for the year, setting a positive tone for the scheduled end of the bailout program in March 2016. Growth recovered to 2.8% in 2016 and 3.4% in 2017, while unemployment dropped to 11.8%. The rate of non-performing loans (NPLs) is still very high at around 49%, and growth would accelerate if Cypriot banks could increase the pace of resolution of the NPLs.
In October 2013, a US-Israeli consortium completed preliminary appraisals of hydrocarbon deposits in Cyprus’ exclusive economic zone (EEZ), which estimated gross mean reserves of about 130 billion cubic meters. Though exploration continues in Cyprus’ EEZ, no additional commercially exploitable reserves have been identified. Developing offshore hydrocarbon resources remains a critical component of the government’s economic recovery efforts, but development has been delayed as a result of regional developments and disagreements about exploitation methods.
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):
$31.19 billion (2017 est.)
$30.18 billion (2016 est.)
$29.34 billion (2015 est.)
note: data are in 2017 dollars
GDP (purchasing power parity): $1.829 billion (2007 est.)
country comparison to the world: 131
GDP (official exchange rate):
$21.11 billion (2017 est.)
GDP - real growth rate:
3.4% (2017 est.)
2.8% (2016 est.)
1.7% (2015 est.)
GDP - real growth rate: 2.3% (2014 est.)
country comparison to the world: 99
GDP - per capita (PPP):
$36,600 (2017 est.)
$35,600 (2016 est.)
$34,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 52
Gross national saving:
11.9% of GDP (2017 est.)
10.3% of GDP (2016 est.)
11.6% of GDP (2015 est.)
country comparison to the world: 146
GDP - composition, by end use:
household consumption: 69.4%
government consumption: 15%
investment in fixed capital: 17.7%
investment in inventories: 0.8%
exports of goods and services: 63.5%
imports of goods and services: -66.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.3%
industry: 11%
services: 86.8% (2017 est.)
Agriculture - products:
citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese
Agriculture - products: citrus fruit, dairy, potatoes, grapes, olives, poultry, lamb
Industries:
tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products
Industries: foodstuffs, textiles, clothing, ship repair, clay, gypsum, copper, furniture
Industrial production growth rate:
2.5% (2017 est.)
Industrial production growth rate: -0.3% (2007 est.)
country comparison to the world: 114
Labor force:
426,600 (2017 est.)
Labor force: 95,030 (2007 est.)
country comparison to the world: 159
Labor force - by occupation:
agriculture: 3.8%
industry: 15.2%
services: 81% (2014 est.)
Labor force - by occupation: agriculture: 14.5%, industry: 29%, services: 56.5% (2004)
Unemployment rate:
11.8% (2017 est.)
13% (2016 est.)
Unemployment rate: 9.4% (2005 est.)
country comparison to the world: 154
Population below poverty line:
NA%
Population below poverty line: %NA
Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%: 28.8% (2014 est.)
Distribution of family income - Gini index:
34.8 (2014 est.)
32.4 (2013 est.)
country comparison to the world: 100
Budget:
revenues:: $7.677 billion
expenditures:: $7.875 billion (2017 est.)
Budget: revenues: $2.5 billion, expenditures: $2.5 billion (2006)
Taxes and other revenues:
36.4% of GDP (2017 est.)
country comparison to the world: 50
Budget surplus (+) or deficit (-):
-0.9% of GDP (2017 est.)
country comparison to the world: 54
Public debt:
104.5% of GDP (2017 est.)
107.8% of GDP (2016 est.)
note: data cover general government debt, and includes 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 intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment
country comparison to the world: 14
Fiscal year:
calendar year
Inflation rate (consumer prices):
0.8% (2017 est.)
-1.2% (2016 est.)
country comparison to the world: 30
Central bank discount rate:
0.25% (31 December 2017 est.)
0.3% (31 December 2010 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 139
Commercial bank prime lending rate:
4.2% (31 December 2017 est.)
4.33% (31 December 2016 est.)
country comparison to the world: 158
Stock of narrow money:
$4.245 billion (31 December 2017 est.)
$3.978 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 111
Stock of broad money:
$37.21 billion (31 December 2017 est.)
$34.8 billion (31 December 2016 est.)
country comparison to the world: 75
Stock of domestic credit:
$51.81 billion (31 December 2017 est.)
$50.82 billion (31 December 2016 est.)
country comparison to the world: 65
Market value of publicly traded shares:
$2.692 billion (31 December 2015 est.)
$4.031 billion (31 December 2014 est.)
$2.105 billion (31 December 2013 est.)
country comparison to the world: 98
Current account balance:
$-798 million (2017 est.)
$-1.042 billion (2016 est.)
country comparison to the world: 121
Exports:
$2.905 billion (2017 est.)
$2.7 billion (2016 est.)
Exports: $68.1 million, f.o.b. (2007 est.)
country comparison to the world: 127
Exports - commodities:
citrus, potatoes, pharmaceuticals, cement, clothing
Exports - partners:
UK 12%, Greece 10.2%, Sweden 6.9%, Liberia 5.8%, Libya 4.9% (2016)
Imports:
$7.884 billion (2017 est.)
$6.96 billion (2016 est.)
Imports: $1.2 billion, f.o.b. (2007 est.)
country comparison to the world: 107
Imports - commodities:
consumer goods, petroleum and lubricants, machinery, transport equipment
Imports - partners:
Greece 18%, Germany 16.9%, China 7.7%, Italy 5.7%, UK 5.5%, South Korea 4.4%, France 4% (2016)
Reserves of foreign exchange and gold:
$879.1 million (31 December 2017 est.)
$817.7 million (31 December 2016 est.)
Reserves of foreign exchange and gold: $NA
country comparison to the world: 130
Debt - external:
$95.28 billion (31 December 2013 est.)
$103.5 billion (31 December 2012 est.)
Debt - external: $NA
country comparison to the world: 49
Stock of direct foreign investment - at home:
$178 billion (31 December 2017 est.)
$174.5 billion (31 December 2016 est.)
country comparison to the world: 33
Stock of direct foreign investment - abroad:
$179.8 billion (31 December 2017 est.)
$175.3 billion (31 December 2016 est.)
country comparison to the world: 27
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.89 (2014 est.)
0.76 (2013 est.)
Exchange rates: Turkish new lira per US dollar: 1.9 (2013) 1.8 (2012) 1.67 (2011) 1.5 (2010) 1.55 (2009)
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) 1.67 (2011) 1.5 (2010) 1.55 (2009)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
4.243 billion kWh (2015 est.)
country comparison to the world: 123
Electricity - consumption:
4.028 billion kWh (2015 est.)
country comparison to the world: 127
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 128
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 141
Electricity - installed generating capacity:
1.742 million kW (2015 est.)
country comparison to the world: 117
Electricity - from fossil fuels:
87.4% of total installed capacity (2015 est.)
country comparison to the world: 66
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 76
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 171
Electricity - from other renewable sources:
12.8% of total installed capacity (2015 est.)
country comparison to the world: 58
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 125
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 113
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 116
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 125
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 134
Refined petroleum products - consumption:
46,000 bbl/day (2015 est.)
country comparison to the world: 106
Refined petroleum products - exports:
0 bbl/day (2014 est.)
country comparison to the world: 148
Refined petroleum products - imports:
45,740 bbl/day (2014 est.)
country comparison to the world: 86
Natural gas - production:
0 cu m (2013 est.)
country comparison to the world: 126
Natural gas - consumption:
0 cu m (2013 est.)
country comparison to the world: 174
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 92
Natural gas - imports:
0 cu m (2013 est.)
country comparison to the world: 116
Natural gas - proved reserves:
141.6 billion cu m (1 January 2014 est.)
country comparison to the world: 48
Carbon dioxide emissions from consumption of energy:
9.1 million Mt (2013 est.)
country comparison to the world: 108

Communications

Telephones - fixed lines:
total subscriptions: 320,573
subscriptions per 100 inhabitants: 27 (July 2016 est.)
country comparison to the world: 112
Telephones - mobile cellular:
total: 1,133,780
subscriptions per 100 inhabitants: 93 (July 2016 est.)
country comparison to the world: 158
Telephone system:
general assessment: excellent in both area under government control and area administered by Turkish Cypriots
domestic: open-wire, fiber-optic cable, and microwave radio relay
international: country code - 357 (area administered by Turkish Cypriots uses the country code of Turkey - 90); a number of submarine cables, including the SEA-ME-WE-3, combine to provide connectivity to Western Europe, the Middle East, and Asia; tropospheric scatter; satellite earth stations - 8 (3 Intelsat - 1 Atlantic Ocean and 2 Indian Ocean, 2 Eutelsat, 2 Intersputnik, and 1 Arabsat) (2015)
Broadcast media:
mixture of state and privately run TV and radio services; the public broadcaster operates 2 TV channels and 4 radio stations; 6 private TV broadcasters, satellite and cable TV services including telecasts from Greece and Turkey, and a number of private radio stations are available; in areas administered by Turkish Cypriots, there are 2 public TV stations, 4 public radio stations, and 7 privately owned TV and 21 radio broadcast stations plus 6 radio and 4 TV channels of local universities, plus 1 radio station of military, security forces and 1 radio station of civil defense cooperation, as well as relay stations from Turkey (2017)
Internet country code:
.cy
Internet users:
total: 915,036
percent of population: 75.9% (July 2016 est.)
country comparison to the world: 135

Transportation

National air transport system:
number of registered air carriers: 2
inventory of registered aircraft operated by air carriers: 6
annual passenger traffic on registered air carriers: 23,404
annual freight traffic on registered air carriers: 230,600 mt-km (2015)
Civil aircraft registration country code prefix:
5B (2016)
Airports:
15 (2013)
country comparison to the world: 145
Airports - with paved runways:
total: 13
2,438 to 3,047 m: 7
1,524 to 2,437 m: 2
914 to 1,523 m: 3
under 914 m: 1 (2017)
Airports - with unpaved runways:
total: 2
under 914 m: 2 (2013)
Heliports:
9 (2013)
Roadways:
total: 20,006 km
government control: 13,006 km (includes 2,277 km of expressways)
paved: 8,564 km
unpaved: 4,442 km
Turkish Cypriot control: 7,000 km (2011)
country comparison to the world: 108
Merchant marine:
total: 1,022
by type: bulk carrier 307, container ship 183, general cargo 164, oil tanker 57, other 311 (2017)
country comparison to the world: 24
Ports and terminals:
major seaport(s): area under government control: Larnaca, Limassol, Vasilikos; area administered by Turkish Cypriots: Famagusta, Kyrenia

Military & Security

Military expenditures:
1.78% of GDP (2016)
1.68% of GDP (2015)
1.54% of GDP (2014)
1.6% of GDP (2013)
1.66% of GDP (2012)
country comparison to the world: 59
Military branches:
Republic of Cyprus: Cypriot National Guard (Ethniki Froura, EF, includes naval and air elements); Northern Cyprus: Turkish Cypriot Security Force (GKK) (2014)
Military service age and obligation:
Cypriot National Guard (CNG): 18-50 years of age for compulsory military service for all Greek Cypriot males; 17 years of age for voluntary service; 14-month service obligation (2016)

Transnational Issues

Disputes - international:
hostilities in 1974 divided the island into two de facto autonomous entities, the internationally recognized Cypriot Government and a Turkish-Cypriot community (north Cyprus); the 1,000-strong UN Peacekeeping Force in Cyprus (UNFICYP) has served in Cyprus since 1964 and maintains the buffer zone between north and south; on 1 May 2004, Cyprus entered the EU still divided, with the EU's body of legislation and standards (acquis communitaire) suspended in the north; Turkey protests Cypriot Government creating hydrocarbon blocks and maritime boundary with Lebanon in March 2007
Refugees and internally displaced persons:
IDPs: 217,000 (both Turkish and Greek Cypriots; many displaced since 1974) (2017)
Illicit drugs:
minor transit point for heroin and hashish via air routes and container traffic to Europe, especially from Lebanon and Turkey; some cocaine transits as well; despite a strengthening of anti-money-laundering legislation, remains vulnerable to money laundering; reporting of suspicious transactions in offshore sector remains weak

Economic Indicators for Cyprus including actual values, historical data, and latest data updates for the Cyprus economy.