Overview: These data are for the area controlled by the Republic of Cyprus (information on the northern Turkish-Cypriot area is sparse). The economy is small, diversified, and prosperous. Industry contributes about 28% to GDP and employs 35% of the labor force, while the service sector contributes about 55% to GDP and employs 40% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6% rise in GDP in recent years. While this growth put considerable pressure on prices and the balance of payments, the inflation rate has remained low and the balance-of-payments deficit manageable.

GDP: $4.2 billion, per capita $6,100; real growth rate 6.9% (1988 est.)

Inflation rate (consumer prices): 3.9% (1989 est.)

Unemployment rate: 2.8% (1988)

Budget: revenues $1.2 billion; expenditures $1.4 billion, including capital expenditures of $178 million (1989 est.)

Exports: $767 million (f.o.b., 1988); commodities--citrus, potatoes, grapes, wine, cement, clothing and shoes; partners--Middle East and North Africa 37%, UK 27%, other EC 11%, US 2%

Imports: $1.9 billion (c.i.f., 1988); commodities--consumer goods 23%, petroleum and lubricants 12%, food and feed grains, machinery; partners--EC 60%, Middle East and North Africa 7%, US 4%

External debt: $2.8 billion (1988)

Industrial production: growth rate 6.5% (1988)

Electricity: 620,000 kW capacity; 1,770 million kWh produced, 2,530 kWh per capita (1989)

Industries: mining (iron pyrites, gypsum, asbestos); manufactured products--beverages, footwear, clothing, and cement--are principally for local consumption

Agriculture: accounts for 8% of GDP and employs 22% of labor force; major crops--potatoes, vegetables, barley, grapes, olives, and citrus fruits; vegetables and fruit provide 25% of export revenues

Aid: US commitments, including Ex-Im (FY70-88), $272 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $223 million; OPEC bilateral aid (1979-89), $62 million; Communist countries (1970-88), $24 million

Currency: Cypriot pound (plural--pounds) and in Turkish area, Turkish lira (plural--liras); 1 Cypriot pound (LC) = 100 cents and 1 Turkish lira (TL) = 100 kurus

Exchange rates: Cypriot pounds (LC) per US$1--0.4854 (January 1990), 0.4933 (1989), 0.4663 (1988), 0.4807 (1987), 0.5167 (1986), 0.6095 (1985); in Turkish area, Turkish liras (TL) per US$1--2,314.7 (November 1989), 1,422.3 (1988), 857.2 (1987), 674.5 (1986), 522.0 (1985)

Fiscal year: calendar year

NOTE: The information regarding Cyprus on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cyprus Economy 1990 information contained here. All suggestions for corrections of any errors about Cyprus Economy 1990 should be addressed to the CIA.