services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries
$37.546 billion (2021 est.)
$35.209 billion (2020 est.)
$36.819 billion (2019 est.)
note: data are in 2017 dollars
comparison ranking
6.64% (2021 est.)
-4.37% (2020 est.)
5.53% (2019 est.)
comparison ranking
$41,700 (2021 est.)
$39,500 (2020 est.)
$41,700 (2019 est.)
note: data are in 2017 dollars
comparison ranking
$24.946 billion (2019 est.)
2.45% (2021 est.)
-0.64% (2020 est.)
0.25% (2019 est.)
comparison ranking
Fitch rating: BBB- (2018)
Moody's rating: Ba2 (2018)
Standard & Poors rating: BBB- (2018)
note: The year refers to the year in which the current credit rating was first obtained.
agriculture: 2% (2017 est.)
industry: 12.5% (2017 est.)
services: 85.5% (2017 est.)
household consumption: 68.7% (2017 est.)
government consumption: 14.9% (2017 est.)
investment in fixed capital: 21.1% (2017 est.)
investment in inventories: -0.7% (2017 est.)
exports of goods and services: 63.8% (2017 est.)
imports of goods and services: -67.8% (2017 est.)
milk, potatoes, pork, sheep milk, goat milk, barley, wheat, poultry, olives, tangerines/mandarins
tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products
8.1% (2021 est.)
comparison ranking
655,100 (2021 est.)
comparison ranking
agriculture: 3.8%
industry: 15.2%
services: 81% (2014 est.)
6.13% (2021 est.)
7.59% (2020 est.)
7.07% (2019 est.)
comparison ranking
total: 11.8%
male: 9.2%
female: 14.9% (2021 est.)
comparison ranking
14.7% (2018 est.)
31.2 (2019 est.)
comparison ranking
lowest 10%: 3.3%
highest 10%: 28.8% (2014)
revenues: $10.362 billion (2019 est.)
expenditures: $9.996 billion (2019 est.)
1.8% (of GDP) (2017 est.)
comparison ranking
97.5% of GDP (2017 est.)
106.6% of GDP (2016 est.)
note: data cover general government debt and include 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 intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment
comparison ranking
22.42% (of GDP) (2020 est.)
comparison ranking
calendar year
-$1.957 billion (2021 est.)
-$2.523 billion (2020 est.)
-$1.445 billion (2019 est.)
comparison ranking
$24.551 billion (2021 est.)
$20.379 billion (2020 est.)
$19.835 billion (2019 est.)
note: Data are in current year dollars and do not include illicit exports or re-exports.
comparison ranking
India 9%, Greece 9%, Libya 8%, United Kingdom 7% (2019)
ships, refined petroleum, packaged medicines, cheese, recreational boats (2021)
$23.748 billion (2021 est.) note: data are in current year dollars
$20.711 billion (2020 est.) note: data are in current year dollars
$19.575 billion (2019 est.) note: data are in current year dollars
comparison ranking
Greece 16%, Italy 10%, Turkey 8%, Russia 5%, Germany 5%, United Kingdom 5%, China 5% (2019)
refined petroleum, ships, cars, coal tar oil, packaged medicines (2019)
$1.611 billion (31 December 2021 est.)
$1.237 billion (31 December 2020 est.)
$1.033 billion (31 December 2019 est.)
comparison ranking
$213.19 billion (2019 est.)
$231.885 billion (2018 est.)
comparison ranking
euros (EUR) per US dollar -
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)
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); 1.668 (2011); 1.5026 (2010); 1.55 (2009);
NOTE: The information regarding Cyprus on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cyprus 2023 information contained here. All suggestions for corrections of any errors about Cyprus 2023 should be addressed to the CIA or the source cited on each page.
This page was last modified 22 Aug 23, Copyright © 2023 ITA all rights reserved.