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Economy of Cyprus

economy of the country

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
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO
Country group
Statistics
PopulationIncrease 0.9 million (2021 est.)[1]
GDP
  • Increase $26.546 billion (nominal, 2021 est.)[1]
  • Increase $38.561 billion (PPP, 2021 est.)[1]
GDP rank
GDP growth
  • Increase 5.6% (Q3 2021 est., year-on-year)[2][3]
  • Decrease −5.2% (2020 est.)[4]
  • Increase 5.3% (2019 est.)[4]
GDP per capita
  • Increase $29,486 (nominal, 2021 est.)[1]
  • Increase $42,832 (PPP, 2021 est.)[1]
GDP per capita rank
GDP by sector
  • 4.8% (December 2021)[6]
  • −1.1% (2020)[1]
  • 0.6% (2019)[1]
Population below poverty line
Positive decrease 17.6% at risk of poverty or social exclusion (2020)[7]
Positive decrease 29.3 low (2020)[8]
Labour force
  • Increase 639,143 (2020)[11]
  • Decrease 74.9% employment rate (Target: 75%; 2020)[12]
Labour force by occupation
  • agriculture: 3.8%
  • industry: 15.2%
  • services: 81%
  • (2014 est.)[5]
Unemployment
  • Positive decrease 6.4% (November 2021)[13]
  • Negative increase 18.7% youth unemployment (15 to 24-year-olds; 2020)[14]
Average gross salary
Increase €1,934 per month (Q3 2021)[15]
Increase €17,582 (2018; annual, equivalised)[16]
Median net salary
Increase €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]
Increase 54th (easy, 2020)[17]
External
ExportsIncrease $2.805 billion (2017 est.)[5]
Export goods
citrus, potatoes, pharmaceuticals, cement, clothing[5]
Main export partners
ImportsIncrease $7.935 billion (2017 est.)[5]
Import goods
consumer goods, petroleum and lubricants, machinery, transport equipment[5]
Main import partners
Decrease −$1.458 billion (2017 est.)[5]
Positive decrease $95.28 billion (31 December 2013 est.)
Public finances
€24.852 billion (Negative increase 115.3% of GDP; 2020 est.)[18]
−€1.233 billion (Decrease −5.7% of GDP, 2020 est.)[18]
RevenuesDecrease 39.4% of GDP (2020 est.)[18]
ExpensesNegative increase 45.1% of GDP (2020 est.)[18]
Foreign reserves
Increase $888.2 million (31 December 2017 est.)[5]
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.

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References

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  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "World Economic Outlook Database: October 2021". Washington, D.C.: International Monetary Fund. 12 October 2021. Retrieved 12 October 2021.
  2. ↑ "GDP Growth Rate, 3rd Quarter 2021". Nicosia: Statistical Service of Cyprus. 1 December 2021. Retrieved 1 December 2021.
  3. ↑ "GDP main aggregates and employment estimates for the third quarter of 2021" (PDF). Luxembourg: Eurostat. 7 December 2021. Retrieved 7 December 2021.
  4. ↑ 4.0 4.1 "Latest Figures: National Accounts, Revised Data 2017-2019 and Revised Estimate 2020". Nicosia: Statistical Service of Cyprus. 15 October 2021. Retrieved 15 October 2021.
  5. ↑ 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.gov. Central Intelligence Agency. Retrieved 6 February 2020.
  6. ↑ "CONSUMER PRICE INDEX (CPI): DECEMBER 2021". Nicosia: Statistical Service of Cyprus. 5 January 2022. Retrieved 6 January 2022.
  7. ↑ "POVERTY AND SOCIAL EXCLUSION (Revised Definition): 2020". Nicosia: Statistical Service of Cyprus. 2 November 2021. Retrieved 3 November 2021.
  8. ↑ "Gini coefficient of equivalised disposable income - EU-SILC survey". Luxembourg: Eurostat. 12 October 2021. Retrieved 12 October 2021.
  9. ↑ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  10. ↑ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 22 May 2020.
  11. ↑ "Labor force, total - Cyprus". Washington, D.C.: World Bank. 29 January 2021. Retrieved 1 June 2021.
  12. ↑ "Employment rate by sex, age group 20-64". Luxembourg: Eurostat. 14 April 2021. Retrieved 1 June 2021.
  13. ↑ "Unemployment by sex and age – monthly data". Luxembourg: Eurostat. 10 January 2022. Retrieved 12 January 2022.
  14. ↑ "Youth unemployment rate by sex, age and country of birth". Luxembourg: Eurostat. 10 September 2021. Retrieved 30 September 2021.
  15. ↑ "Average Monthly Earnings of Employees by Quarter - Annual Change 1,3%". Nicosia: Statistical Service of Cyprus. 29 December 2021. Retrieved 30 December 2021.
  16. ↑ 16.0 16.1 "Mean and median income by age and sex - EU-SILC and ECHP surveys". Luxembourg: Eurostat. 17 June 2020. Retrieved 29 June 2020.
  17. ↑ "Ease of Doing Business in Cyprus". Washington, D.C.: The World Bank Group. Retrieved 31 October 2018.
  18. ↑ 18.0 18.1 18.2 18.3 "Provision of deficit and debt data for 2014 - second notification" (PDF). Luxembourg: Eurostat. 21 October 2021. Retrieved 21 October 2021.
  19. ↑ "DBRS Morningstar Changes Trend on Republic of Cyprus to Positive, Confirms at BBB (low)". DBRS Morningstar. 22 October 2021. Retrieved 28 October 2021.
  20. ↑ "Fitch Affirms Cyprus at 'BBB-'; Outlook Stable". Frankfurt: Fitch Ratings. 24 September 2021. Retrieved 28 October 2021.
  21. ↑ "Moody's upgrades Cyprus's rating to Ba1, changes outlook to stable from positive". Frankfurt: Moody's Investors Service. 23 July 2021. Retrieved 28 October 2021.
  22. ↑ "Ratings Weekly Digest" (PDF). S&P Global Ratings. 8 September 2021. Retrieved 28 October 2021.
  23. ↑ "Rating: Cyprus Credit Rating". CountryEconomy.com. 14 September 2018. Retrieved 16 September 2018.
  24. ↑ "Scope takes no action on the Republic of Cyprus". Berlin: Scope Ratings. 16 July 2021. Retrieved 28 October 2021.

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