Economy of Cyprus

Economy of Cyprus
	Nicosia, the island's financial hub
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	EU, WTO
Country group	Developed/Advanced; High-income economy;
Statistics
Population	0.921 million (2024 est.)
GDP	$34.221 billion (nominal, 2024 est.); $54.104 billion (PPP, 2024 est.);
GDP rank	104th (nominal, 2023); 124th (PPP, 2023);
GDP growth	2.2% (Q4 2023 est.); 2.7% (2024f); 2.5% (2023); 5.1% (2022); 9.9% (2021); −3.4% (2020);
GDP per capita	$37,149 (nominal, 2024 est.); $58,733 (PPP, 2024 est.);
GDP per capita rank	27th (nominal, 2023); 32nd (PPP, 2023);
GDP by sector	agriculture: 2%; industry: 12.5%; services: 85.5%; (2017 est.);
Inflation (CPI)	1.2% (March 2024); 2.3% (2024f); 3.9% (2023); 8.1% (2022); 2.2% (2021); −1.1% (2020);
Population below poverty line	16.7% at risk of poverty or social exclusion (2022)
Gini coefficient	29.4 low (2022)
Human Development Index	0.907 very high (2022) (29th); 0.827 very high (2022) (IHDI, 25th);
Labour force	655,118 (2021); 75.9% employment rate (20 to 64-year-olds, 2021);
Labour force by occupation	agriculture: 3.8%; industry: 15.2%; services: 81%; (2014 est.);
Unemployment	6.4% (February 2024); 5.9% (2024f); 18.1% youth unemployment (under 25s; December 2023);
Average gross salary	€2,402 per month (Q4 2023 est.)
Average net salary	€17,582 (2018; annual, equivalised)
Main industries	tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products
External
Exports	$5.16 billion (2021)
Export goods	citrus, potatoes, pharmaceuticals, cement, clothing
Main export partners	Greece 14.4%; Lebanon 6.76%; Marshall Islands 5.76%; United Kingdom 5.25%; Israel 4.83%; British Virgin Islands 4.62%; Libya 4.14%; Liberia 3.71%; Germany 3.13%; Netherlands 2.93%; (2021);
Imports	$14.8 billion (2021)
Import goods	consumer goods, petroleum and lubricants, machinery, transport equipment
Main import partners	Greece 30.2%; Turkey 7.98%; Italy 7.6%; China 6.31%; Germany 5.06%; Netherlands 4.99%; Israel 3.15%; United Kingdom 2.62%; Spain 2.61%; Poland 2.34%; (2021);
Current account	−$1.458 billion (2017 est.)
Gross external debt	$95.28 billion (31 December 2013 est.)
Public finances
Government debt	€23.181 billion ( 79.4% of GDP, Q3 2023 est.)
Budget balance	€876.3 million ( 2.9% of GDP, 2023 est.)
Revenues	41.2% of GDP (2022 est.)
Expenses	38.8% of GDP (2022 est.)
Economic aid	€640 million from European Structural and Investment Funds (2007–2013); €874 million from European Structural and Investment Funds (2014–2020);
Credit rating	DBRS:; BBB; Trend: Stable; Fitch:; BBB; Outlook: Stable; Moody's:; Ba1; Outlook: Positive; S&P:; BBB; AAA (T&C Assessment); Outlook: Stable; Scope:; BBB+; Outlook: Stable;
Foreign reserves	$888.2 million (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Cyprus is a high-income economy as classified by the World Bank, and was included by the International Monetary Fund in its list of advanced economies in 2001. Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.

The 2012–2013 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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