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Agriculture > products
citrus, vegetables, barley, grapes, olives, vegetables, poultry, pork, lamb, kids, dairy, cheese |
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Aid as % of GDP
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0.6% |
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[104th of 129]
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Debt > External
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$26,970,000,000.00 |
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[61st of 136]
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Distribution of family income > Gini index
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29 |
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[27th of 43]
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Economic aid > Donor
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$25,900,000.00 |
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[24th of 26]
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Economic freedom
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2.85 |
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[23rd of 156]
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Economy > Overview
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.5% in 2007. As in the area administered by Turkish Cypriots, water shortages are a perennial problem; a few desalination plants are now on line. After 10 years of drought, the country received substantial rainfall from 2001-04 alleviating immediate concerns. Rainfall in 2005 and 2006, however, was well below average, making water rationing a necessity in 2007. |
Exchange rates
Cypriot pounds per US dollar - 0.4686 (2004), 0.5174 (2003), 0.6107 (2002), 0.6431 (2001), 0.6224 (2000), Turkish lira per US dollar 1.426 million (2004), 1.501 million (2003), 1.507 million (2002), 1.226 million (2001), 625,200 (2000) |
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Exports
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$1,495,000,000.00 |
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[128th of 189]
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Exports to US
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$6,300,000.00 |
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[139th of 224]
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GDP
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$15,418,350,000.00 |
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[85th of 203]
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GDP > PPP
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$17,761,000,000.00 |
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[103rd of 163]
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GDP > Real growth rate
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4.4% |
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[119th of 198]
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GDP growth > annual %
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3.7 annual %
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[129th of 187]
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Gross National Income
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$9,372,210,000.00 |
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[80th of 172]
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Human Development Index
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0.891 |
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[29th of 178]
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Inflation rate (consumer prices)
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2.4% |
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[140th of 192]
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Public debt
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59.6 % of GDP |
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[27th of 121]
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Research and development spending
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0.2% |
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[61st of 69]
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Tourist arrivals
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2,088,000 |
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[40th of 152]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; All CIA World Factbooks 18 December 2003 to 18 December 2008; The Heritage Foundation; US Census Bureau; World Development Indicators database and CIA World Factbook; World Bank. 2005. World Development Indicators 2005.; World Development Indicators database; ; Human Development Report 2006, United Nations Development Programme; World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; aggregates calculated for the Human Development Report Office by the World Bank; United Nations World Statistics Pocketbook and Statistical Yearbook
ALTERNATIVE NAMES:
Cyprus, Republic of Cyprus
Related links:
More facts and figures on Cyprus
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