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Home :: Trade Leads By Country : Cyprus


Cyprus, Countries by TradeCyprus, Countries by Trade


Cyprus is a small island that is tucked away in the top right hand corner of the Mediterranean and is also very close to Europe, Asia and Africa and that is the very reason for it being known as the stepping stone to the three continents. An island whose rich dramatic history is a wonder to the most and also can be traced back over nine thousand years ago and that is not something that all countries can do; it is a country with a rich history and heritage an island so coveted over the centuries that it has been invaded and claimed by a fascinating mixture of civilizations from near and far all of which have left their culture and shaped its character.

Business and Economy

The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. EU-driven tax reforms in 2003 have introduced fiscal imbalances, which, coupled with a sluggish tourism sector, have resulted in growing fiscal deficits.

Major Cities

The major cities in Cyprus are Gazimagusa ,Larnaka ,Lefkosa .Lefkosia .Lemesos

Fact Sheet

Greek Cypriot area: purchasing power parity - $8.9 billion (2003 est.); Turkish Cypriot area: purchasing power parity - $1.217 billion (2003 est.)
GDP - real growth rate:
Greek Cypriot area: 1.6% (2003 est.); Turkish Cypriot area: 2.6% (2003 est.)
GDP - per capita: Greek Cypriot area: purchasing power parity - $16,000 (2003 est.); Turkish Cypriot area: purchasing power parity - $5,600 (2003 est.)
GDP - composition by sector: Greek Cypriot area: agriculture 4.9%; industry 19.9%; services 75.6%
Turkish Cypriot area: agriculture 10.6%; industry 20.5%; services 68.9% (2003)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): Greek Cypriot area: 4% (2003 est.); Turkish Cypriot area: 12.6% (2003 est.)
Labor force:
Greek Cypriot area: 306,000; Turkish Cypriot area: 95,025 (2000)
Labor force - by occupation: Greek Cypriot area: services 75.6%, industry 19.4%, agriculture 4.9% (2003); Turkish Cypriot area: services 68.9%, industry 20.5%, agriculture 10.6% (2003)
Unemployment rate: Greek Cypriot area: 3.4%; Turkish Cypriot area: 5.6% (2003 est.)
Budget: revenues: Greek Cypriot area - $4.4 billion, Turkish Cypriot area - $231.3 million (2002 est.)
expenditures: Greek Cypriot area - $539 million, including capital expenditures of $539 million, Turkish Cypriot area - $432.8 million, including capital expenditures of NA (2003 est.)
Industries: food, beverages, textiles, chemicals, metal products, tourism, wood products
Agriculture - products: potatoes, citrus, vegetables, barley, grapes, olives, vegetables, poultry, pork, lamb, kids, dairy
Exports: Greek Cypriot area: $1.054 billion f.o.b. Turkish Cypriot area: $46 million f.o.b. (2003 est.)
Exports - commodities: Greek Cypriot area: citrus, potatoes, pharmaceuticals, cement, clothing and cigarettes; Turkish Cypriot area: citrus, potatoes, textiles
Exports - partners: UK 26.7%, Greece 6.6%, France 4.9%, Poland 4.3% (2002)
Imports: Greek Cypriot area: $4.637 billion f.o.b.; Turkish Cypriot area: $301 million f.o.b. (2003 est.)
Imports - commodities: Greek Cypriot area: consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment; Turkish Cypriot area: food, minerals, chemicals, machinery
Imports - partners: Russia 17.1%, Greece 7.1%, Germany 6.6%, France 6.4%, UK 6.3%, Italy 6.3%, South Korea 5.4%, Japan 5.1% (2002)
Debt - external: Greek Cypriot area: $8 billion; Turkish Cypriot area: $NA (2002)
Economic aid - recipient: Greek Cypriot area - $17 million (1998); Turkish Cypriot area - $700 million from Turkey in grants and loans (1990-97), which are usually forgiven (1998)
Currency: Greek Cypriot area: Cypriot pound (CYP); Turkish Cypriot area: Turkish lira (TRL)
Currency code: CYP; TRL
Exchange rates: Cypriot pounds per US dollar - 0.52 (2003), 0.61 (2002), 0.64 (2001), 0.62 (2000), 0.54 (1999), Turkish lira per US dollar 1.505 million (2003), 1.507 million (2002), 1,225,590 (2001), 625,218 (2000), 418,783 (1999)
Fiscal year: calendar year

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Posted on
23 Oct
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