Economy of Cyprus
Nicosia is the island's financial hub
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| Currency | 1 euro (ευρώ) = 100 cents (σεντ) |
|---|---|
| Calendar year | |
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Trade organisations
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European Union, Commonwealth, WTO |
| Statistics | |
| GDP |
 $19.810 billion (nominal, 2016)$29.666 billion (PPP, 2016)
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| GDP rank | 107 (nominal, 2015) 128 (PPP, 2015) |
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GDP growth
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3.3% (Q1 2017 est., year-on-year)
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GDP per capita
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$23,352 (nominal, 2016)$34,970 (PPP, 2016)
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GDP by sector
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services 87.1%, industry 10.6%, agriculture 2.4% (2014 est.) |
| 2.0% (April 2017) | |
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Population below poverty line
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 28.9% at risk of poverty or social exclusion (2015)
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 33.6 (2015)
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Labour force
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356,700 (2013 est.) |
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Labour force by occupation
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services 80.1%, industry 16%, agriculture 3.9% (2013 est.) |
| Unemployment |
12.5% (March 2017)
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Average gross salary
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€1,738 per month (Q3 2015) |
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Main industries
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tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products |
 45 (2017)
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| External | |
| Exports |
$4.198 billion (2014 est.)
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Export goods
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citrus, potatoes, pharmaceuticals, cement, clothing |
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Main export partners
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 Greece 10.9% Ireland 10.2% United Kingdom 7.2% Israel 6% (2015)
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| Imports |
$7.743 billion (2014 est.)
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Import goods
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consumer goods, petroleum and lubricants, machinery, transport equipment |
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Main import partners
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Greece 25.7% United Kingdom 9.1% Italy 8% Germany 7.5% Israel 5.5% China 4.8% Netherlands 4.1% (2015)
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| Public finances | |
| €19.298 billion (107.8% of GDP; 2016 est.)
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| €64 million (0.4% of GDP; 2016 est.)
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| Revenues |
 39.2% of GDP (2016 est.)
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| Expenses |
38.9% of GDP (2016 est.)
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Foreign reserves
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$1.258 billion (September 2012) |
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.
On 1 January 2008, the country 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 European debt crisis, has dominated the country's economic affairs in recent times. In March 2013, the Cypriot government reached an agreement with its eurozone 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 Insured deposits of €100,000 or less would not be affected. After a three-and-a-half-year recession, Cyprus returned to growth in the first quarter of 2015. Cyprus successfully concluded its three-year financial assistance programme at the end of March 2016, having borrowed a total of €6.3 billion from the European Stability Mechanism and €1 billion from the IMF. The remaining €2.7 billion of the ESM bailout was never dispensed, due to the Cypriot government's better than expected finances over the course of the programme.
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