Economy of Northern Cyprus
The economy of Northern Cyprus is dominated by the services sector (69% of GDP in 2007), which includes the public sector, trade, tourism and education. Industry (light manufacturing) contributes 22% of GDP and agriculture 9%. Northern Cyprus's economy operates on a free-market basis, with a significant portion of administration costs funded by Turkey. Northern Cyprus uses the Turkish lira as its currency, which links its economic situation to the economy of Turkey.
North Nicosia is the economic center of Northern Cyprus | |
| Currency | Turkish lira (₺) (TRY) |
|---|---|
| Calendar year | |
Trade organisations | ECO (observer) |
| Statistics | |
| GDP | $4.234 billion (nominal, 2018) |
| GDP rank | 157th (nominal, if ranked according to the World Bank) |
GDP growth | 5.0% (2018) |
GDP per capita | $14,942 (Nominal, 2018) |
| 10.2% (2018) | |
| Unemployment | 5% (2018) |
Main industries | tourism, education, agriculture |
| External | |
| Exports | $131 million (2014) |
Export goods | Dairy products, raw and processed citrus, rakı, scrap, chicken, potatoes |
Main export partners | Turkey, Arab League countries |
| Imports | $1.816 billion dollars |
Main import partners | Turkey, European Union |
All values, unless otherwise stated, are in US dollars. | |
As of 2014, the GDP per capita of Northern Cyprus was $15,109, and the GDP was $4.039 billion. The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus. Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%, down from 8.3% in 2014. The inflation rate in June 2015 was at 3.18%.