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.
 Nicosia, the island's financial hub | |
| Currency | Euro (EUR, €) |
|---|---|
| Calendar year | |
Trade organisations | EU, WTO |
Country group | |
| Statistics | |
| Population |  0.9 million (2021 est.)[1] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
Population below poverty line | ▼ 17.6% at risk of poverty or social exclusion (2020)[7] |
| ▼ 29.3 low (2020)[8] | |
Labour force | |
Labour force by occupation |
|
| Unemployment | |
Average gross salary | €1,934 per month (Q3 2021)[15] |
| €17,582 (2018; annual, equivalised)[16] | |
Median net salary | €15,336 (2018; annual, equivalised)[16] |
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[5] |
| 54th (easy, 2020)[17] | |
| External | |
| Exports | $2.805 billion (2017 est.)[5] |
Export goods | citrus, potatoes, pharmaceuticals, cement, clothing[5] |
Main export partners | |
| Imports | $7.935 billion (2017 est.)[5] |
Import goods | consumer goods, petroleum and lubricants, machinery, transport equipment[5] |
Main import partners |
|
 −$1.458 billion (2017 est.)[5] | |
Gross external debt | ▼ $95.28 billion (31 December 2013 est.) |
| Public finances | |
| €24.852 billion (▲ 115.3% of GDP; 2020 est.)[18] | |
| −€1.233 billion ( −5.7% of GDP, 2020 est.)[18] | |
| Revenues | 39.4% of GDP (2020 est.)[18] |
| Expenses | ▲ 45.1% of GDP (2020 est.)[18] |
Foreign reserves | $888.2 million (31 December 2017 est.)[5] |
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
Charts showing the GDP of Cyprus
Exclusive economic zone between Israel and Cyprus as signed in Nicosia
Bank of Cyprus offices in Aglandjia, Nicosia
A vineyard in the Troodos Mountains. The agricultural sector continues to employ a significant proportion of the labor force.
The port of Limassol, the busiest in Cyprus
Related pages
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 World Economic Outlook Database: October 2021 (12 October 2021). Washington, D.C.: International Monetary Fund. Retrieved 12 October 2021.
- ↑ GDP Growth Rate, 3rd Quarter 2021 (1 December 2021). Nicosia: Statistical Service of Cyprus. Retrieved 1 December 2021.
- ↑ GDP main aggregates and employment estimates for the third quarter of 2021 (7 December 2021). Luxembourg: Eurostat. Retrieved 7 December 2021.
- ↑ 4.0 4.1 Latest Figures: National Accounts, Revised Data 2017-2019 and Revised Estimate 2020 (15 October 2021). Nicosia: Statistical Service of Cyprus. Retrieved 15 October 2021.
- ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 EUROPE :: CYPRUS. CIA.govCentral Intelligence Agency. Retrieved 6 February 2020.
- ↑ CONSUMER PRICE INDEX (CPI): DECEMBER 2021 (5 January 2022). Nicosia: Statistical Service of Cyprus. Retrieved 6 January 2022.
- ↑ POVERTY AND SOCIAL EXCLUSION (Revised Definition): 2020 (2 November 2021). Nicosia: Statistical Service of Cyprus. Retrieved 3 November 2021.
- ↑ Gini coefficient of equivalised disposable income - EU-SILC survey (12 October 2021). Luxembourg: Eurostat. Retrieved 12 October 2021.
- ↑ Human Development Index (HDI). hdr.undp.orgHDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ↑ Inequality-adjusted HDI (IHDI). hdr.undp.orgUNDP. Retrieved 22 May 2020.
- ↑ Labor force, total - Cyprus (29 January 2021). Washington, D.C.: World Bank. Retrieved 1 June 2021.
- ↑ Employment rate by sex, age group 20-64 (14 April 2021). Luxembourg: Eurostat. Retrieved 1 June 2021.
- ↑ Unemployment by sex and age – monthly data (10 January 2022). Luxembourg: Eurostat. Retrieved 12 January 2022.
- ↑ Youth unemployment rate by sex, age and country of birth (10 September 2021). Luxembourg: Eurostat. Retrieved 30 September 2021.
- ↑ Average Monthly Earnings of Employees by Quarter - Annual Change 1,3% (29 December 2021). Nicosia: Statistical Service of Cyprus. Retrieved 30 December 2021.
- ↑ 16.0 16.1 Mean and median income by age and sex - EU-SILC and ECHP surveys (17 June 2020). Luxembourg: Eurostat. Retrieved 29 June 2020.
- ↑ Ease of Doing Business in Cyprus. Washington, D.C.: The World Bank Group. Retrieved 31 October 2018.
- ↑ 18.0 18.1 18.2 18.3 Provision of deficit and debt data for 2014 - second notification (21 October 2021). Luxembourg: Eurostat. Retrieved 21 October 2021.
- ↑ DBRS Morningstar Changes Trend on Republic of Cyprus to Positive, Confirms at BBB (low) (22 October 2021)DBRS Morningstar. Retrieved 28 October 2021.
- ↑ Fitch Affirms Cyprus at 'BBB-'; Outlook Stable (24 September 2021). Frankfurt: Fitch Ratings. Retrieved 28 October 2021.
- ↑ Moody's upgrades Cyprus's rating to Ba1, changes outlook to stable from positive (23 July 2021). Frankfurt: Moody's Investors Service. Retrieved 28 October 2021.
- ↑ Ratings Weekly Digest (8 September 2021)S&P Global Ratings. Retrieved 28 October 2021.
- ↑ Rating: Cyprus Credit Rating. CountryEconomy.com (14 September 2018). Retrieved 16 September 2018.
- ↑ Scope takes no action on the Republic of Cyprus (16 July 2021). Berlin: Scope Ratings. Retrieved 28 October 2021.
- Cyprus Archived 2021-01-09 at the Wayback Machine. The World Factbook. Central Intelligence Agency.