Economy of Cyprus

The economy of Cyprus is classified by the World Bank as a high-income economy, and was included by the International Monetary Fund in the list of developed economies in 2001. On January 1, 2008, the country entered the eurozone and adopted the euro as its official currency, replacing the Cypriot pound at a fixed exchange rate.

Economy of Cyprus

Nicosia, the island's financial hub
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	EU, WTO
Country group	Developed/Advanced High-income economy
Statistics
Population	0.9 million (2021 est.)
GDP	$26.546 billion (nominal, 2021 est.) $38.561 billion (PPP, 2021 est.)
GDP rank	105th (nominal, 2019) 122nd (PPP, 2020)
GDP growth	5.6% (Q3 2021 est., year-on-year) −5.2% (2020 est.) 5.3% (2019 est.)
GDP per capita	$29,486 (nominal, 2021 est.) $42,832 (PPP, 2021 est.)
GDP per capita rank	32nd (nominal, 2019) 31st (PPP, 2019)
GDP by sector	agriculture: 2% industry: 12.5% services: 85.5% (2017 est.)
Inflation (CPI)	4.8% (December 2021) −1.1% (2020) 0.6% (2019)
Population below poverty line	▼ 17.6% at risk of poverty or social exclusion (2020)
Gini coefficient	▼ 29.3 low (2020)
Human Development Index	0.873 very high (2018) (31st) 0.788 high IHDI (2018)
Labour force	639,143 (2020) 74.9% employment rate (Target: 75%; 2020)
Labour force by occupation	agriculture: 3.8% industry: 15.2% services: 81% (2014 est.)
Unemployment	▼ 6.4% (November 2021) ▲ 18.7% youth unemployment (15 to 24-year-olds; 2020)
Average gross salary	€1,934 per month (Q3 2021)
Average net salary	€17,582 (2018; annual, equivalised)
Median net salary	€15,336 (2018; annual, equivalised)
Main industries	tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products
Ease-of-doing-business rank	54th (easy, 2020)
External
Exports	$2.805 billion (2017 est.)
Export goods	citrus, potatoes, pharmaceuticals, cement, clothing
Main export partners	Libya 9.4% Greece 7.7% Norway 6.7% United Kingdom 5.3% Germany 4.1% (2017)
Imports	$7.935 billion (2017 est.)
Import goods	consumer goods, petroleum and lubricants, machinery, transport equipment
Main import partners	Greece 19% Italy 7.5% China 7.4% South Korea 7.3% Germany 7% Netherlands 5.1% United Kingdom 5% Israel 4.1% (2017)
Current account	−$1.458 billion (2017 est.)
Gross external debt	▼ $95.28 billion (31 December 2013 est.)
Public finances
Public debt	€24.852 billion (▲ 115.3% of GDP; 2020 est.)
Budget balance	−€1.233 billion ( −5.7% of GDP, 2020 est.)
Revenues	39.4% of GDP (2020 est.)
Expenses	▲ 45.1% of GDP (2020 est.)
Credit rating	DBRS: BBB (low) Trend: Positive Fitch: BBB- Outlook: Stable Moody's: Ba1 Outlook: Stable S&P: BBB- AAA (T&C Assessment) Outlook: Positive Scope: BBB- Outlook: Stable
Foreign reserves	$888.2 million (31 December 2017 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The Greek part of Cyprus is richer than the Turkish part and its economy is more stable, especially after Cyprus joined the European Union in 2004. The country's national product is 4.9 billion US dollars.

Economy Of Cyprus Media

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  Charts showing the GDP of Cyprus.

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  Exclusive economic zone between Israel and Cyprus as signed in Nicosia.

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  The port of Limassol, the busiest in Cyprus.

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  A vineyard in the Troodos Mountains. The agricultural sector continues to employ a significant proportion of the labor force.

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  A graph of Cypriot exports.

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  Bank of Cyprus offices in Aglandjia, Nicosia.

Related pages

• Cypriot pound

References

• Cyprus. The World Factbook. Central Intelligence Agency.

Other websites

• Cyprus Economic Development at Curlie