Wednesday, January 22, 2014

Rank and Economy

The rank of Cyprus from the poorest is 151 and from the richest is 47 with gdp using atlas method in 2003 is 12,320 $. In other measurement using nominal method IMF,WB,CIA in 2007, 2007, and 2008
IMF..........................................................WB......................................................CIA
rank/measure...........................................rank/measure...........................................rank/measure
28/27,047............................................24/27,036...............................................30/27,015
Magnificent Nicosia skylines by night Republic of Cyprus.jpg
Nicosia is the island's financial hub
Rank101 (nominal)[1]
108 (PPP)[2]
CurrencyEuro since 1 January 2008
Fiscal yearCalendar year
Trade organisationsEuropean UnionCommonwealthWTO
Statistics
GDP$23.005 billion (nominal, 2012)[3]
$23.358 billion (PPP, 2012)[3]
GDP growth−5.6% (Q3 2013 est.)[4]
GDP per capita$26,389 (nominal, 2012)[3]
$26,794 (PPP, 2012)[3]
GDP by sectoragriculture 2.3%, industry 16.4%, services 81.2% (2011 est.)
Inflation (CPI)−2.3% (December 2013)[5]
Population
below poverty line
27.1% (234,000) at risk of poverty or social exclusion (2012)[6]
Gini coefficient29 (2005)
Labour force416,900 (2012 est.)
Labour force
by occupation
agriculture 8.5%, industry 20.5%, services 71% (2006 est.)
Unemployment17.3% (November 2013)[7]
Average gross salary€1,953 / $2,636, monthly (2006)[8]
Average net salary€1,656 / $2,235, monthly (2006)[8]
Main industriestourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products
Ease of doing business rank39[9]
External
Exports$1.889 billion (2012 est.)
Export goodscitrus, potatoes, pharmaceuticals, cement, clothing
Main export partnersGreece 27.4%, UK 10.2%, Germany 5.5% (2011)
Imports$7.716 billion (2012 est.)
Import goodsconsumer goods, petroleum and lubricants, machinery, transport equipment
Main import partnersGreece 21.7%, Israel 10.4%, UK 9%, Italy 8.3%, Germany 8.3%, France 5.7%, China 4.8%, Netherlands 4.6% (2011)
The economy of Cyprus is classified by the World Bank as a high-income economy, and was included by the International Monetary Fund in its list of advanced economies in 2001 Erratic growth rates in the 1990s reflected the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. The economic situation is expected to get worse in 2014.
On 1 January 2008, the country entered the eurozone and adopted the euro as its official currency, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00.
The 2012–13 Cypriot financial crisis, part of the wider Eurozone crisis, has dominated the country's economic affairs in recent times. In March 2013, the Cypriot government reached an agreement with its Eurogroup partners to split the country's second biggest bank, the Cyprus Popular Bank (also known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the larger Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, the Cypriot government would be required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven.[19] Insured deposits of €100,000 or less would not be affected.