CYPRUS ECONOMY

OVERVIEW:
The Cypriot economy is small, diversified, and prosperous. Industry contributes 16.5% to GDP and employs 29% of the labor force, while the service sector contributes 62% to GDP and employs 57% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6.8% rise in GDP between 1986 and 1990. This progress was temporarily checked in 1991, because of the adverse effects of the Gulf War on tourism. Nevertheless in mid-1991, the World Bank "graduated" Cyprus off its list of developing countries.

NATIONAL PRODUCT:
GDP - purchasing power equivalent - $6.3 billion (1992)
Occupied part:
GDP - purchasing power equivalent - $600 million (1990)

NATIONAL PRODUCT REAL GROWTH RATE:
6.5% (1992)
Occupied part:
5.9% (1990)

NATIONAL PRODUCT PER CAPITAL:
$11,000 (1992)
Occupied part:
$4,000 (1990)

INFLATION RATE (consumer prices):
5.1% (1991)
Occupied part:
69.4% (1990)

UNEMPLOYMENT RATE:
2.4% (1991)
Occupied part
1.5% (1991)

BUDGET:
revenues $1.7 billion; expenditures $2.2 billion, including capital expenditures of $350 million (1993)

EXPORTS:
$875 million (f.o.b., 1991)

COMMODITIES:
citrus, potatoes, grapes, wine, cement, clothing and shoes

PARTNERS:
UK 23%, Greece 10%, Lebanon 10%, Germany 5%

IMPORTS:
$2.4 billion (f.o.b., 1991)

COMMODITIES:
consumer goods, petroleum and lubricants, food and feed grains, machinery

PARTNERS:
UK 13%, Japan 12%, Italy 10%, Germany 9.1%

EXTERNAL DEBT:
$1.9 billion (1991)

INDUSTRIAL PRODUCTION:
growth rate 0.4% (1991); accounts for 16.5% of GDP

ELECTRICITY:
620,000 kW capacity; 1,770 million kWh produced, 2,530 kWh per capita (1991)

INDUSTRIES:
food, beverages, textiles, chemicals, metal products, tourism, wood products

AGRICULTURE:
contributes 6% to GDP and employs 14% of labor force in the south; major crops - potatoes, vegetables, barley, grapes, olives, citrus fruits; vegetables and fruit provide 25% of export revenues

CURRENCY:
1 Cypriot pound (#C) = 100 cents;

EXCHANGE RATES:
NA

FISCAL YEAR:
calendar year

NOTE:
The above article was prepared by mainly using parts from CIA World Fact book, and other sources of information about Cyprus.

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