IMF..........................................................WB......................................................CIA
rank/measure...........................................rank/measure...........................................rank/measure
28/27,047............................................24/27,036...............................................30/27,015
Nicosia is the island's financial hub
| |
| Rank | 101 (nominal)[1] 108 (PPP)[2] |
|---|---|
| Currency | Euro since 1 January 2008 |
| Fiscal year | Calendar year |
| Trade organisations | European Union, Commonwealth, WTO |
| 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 sector | agriculture 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 coefficient | 29 (2005) |
| Labour force | 416,900 (2012 est.) |
| Labour force by occupation | agriculture 8.5%, industry 20.5%, services 71% (2006 est.) |
| Unemployment | 17.3% (November 2013)[7] |
| Average gross salary | €1,953 / $2,636, monthly (2006)[8] |
| Average net salary | €1,656 / $2,235, monthly (2006)[8] |
| Main industries | tourism, 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 rank | 39[9] |
| External | |
| Exports | $1.889 billion (2012 est.) |
| Export goods | citrus, potatoes, pharmaceuticals, cement, clothing |
| Main export partners | Greece 27.4%, UK 10.2%, Germany 5.5% (2011) |
| Imports | $7.716 billion (2012 est.) |
| Import goods | consumer goods, petroleum and lubricants, machinery, transport equipment |
| Main import partners | Greece 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.
