Cyprus


Cyprus Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Cyprus; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of Cyprus
Cyprus is part of the Eurosystem and the European Central Bank
International Reserves US$ 1.187 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 24.014 billion (2010 estimate)
GDP (Purchasing Power Parity) 23.752 billion of International dollars (2010 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
4% 2.1% 1.9% 4.2% 3.9% 4.1% 5.1% 3.6%
2009 2010 2011 2012*
-1.9% 1.1% 0.5% -1.2%

*Estimate

GDP per capita - current prices US$ 28,961 (2010 estimate)
GDP per capita - PPP $28,646 International Dollars (2010 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.02% 0.03% 0.03% 0.03% 0.03%

**Forecast

GDP - composition by sector
  • agriculture: 2.3%
  • industry: 16.4%
  • services: 81.3% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) N/A

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
0.2%(2008) 2.6% 3.5% 2.8%

*Estimate

Unemployment rate
2009 2010 2011 2012*
5.4% 6.2% 7.8%(2009) 9.5%

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
48.6% 58.3% 61.3% 71.8% 74.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
0.9% -6.1% -5.3% -6.5% -3.7%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: B

Moody's rating: B3

Moody's outlook: NEG

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$4.993 billion US$6.834 billion US$2.853 billion
Largest companies in Cyprus Marfin Popular Bank (Regional Banks) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ -1.5 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP -6.2% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

40.1% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.01%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.2% (2011)(2007)

(Data were released in 2012)

Total exports US$1.889 billion (2012 estimate) 
Export commodities citrus, potatoes, pharmaceuticals, cement, clothing
Total imports US$7.716 billion (2012 estimate) 
Import commodities consumer goods, petroleum and lubricants, machinery, transport equipment
Exports - major partners Greece 26.2%, UK 10.2%, Germany 5.6% (2011)
Imports - major partners Greece 21.5%, Israel 10.4%, UK 9.2%, Italy 8.3%, Germany 8.1%, France 5.7%, China 4.8%, Netherlands 4.6% (2011)
FDI inflows
2009 2010 2011
US$3,472 million US$766 million(2009) US$276 million(2009)
FDI outflows
2009 2010 2011
US$383 million US$679 million US$1,828 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$1,725 million US$1,395 million(2009) US$-39 million(2009) US$3,903 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

Metelem Holding Ltd, Polkomtel SA, Poland, $6.6 billion(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 36 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 37 out of 185 countries(2009)

Enforcing Contracts: 108 out of 185 countries

Registering Property: 99 out of 185 countries

Getting credit: 53 out of 185 countries

Protecting investors: 32 out of 185 countries

Trading across border: 18 out of 185 countries

Paying Taxes: 31 out of 185 countries

Dealing with Construction Permits: 80 out of 185 countries

Getting Electricity: 98 out of 185 countries

Resolving Insolvency: 25 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
58

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 20 Score: 71.8 (Mostly Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+2
Total area 9,251 km2 (2006)
Capital Nicosia (Lefkosia) (2009)
Currency euros (EUR) (2009)
Government type republic (2009)
Languages Greek, Turkish, English
Religions Greek Orthodox 78%, Muslim 18%, other (includes Maronite and Armenian Apostolic) 4%
Total population
1980 1990 2000 2012* 2017**
0.51 million 0.58 million 0.69 million 0.88 million 0.95 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
35.6% 58.6% 68.6% 70.5%
Population median age 34 years (2010)
Population growth rate 1.2% (2011)
Life expectancy 79 years (2010)
Adult literacy 98% (2005/2010)
% of population living on less than $2 a day N/A
Inequality of wealth distribution (Gini index)

N/A

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:1 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

133.98% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 57.68% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

N/A

CO2 emissions
(Metric tons of CO2 per capita)

7.5188 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS Bank of Cyprus (National, 2013)

WORLD'S BEST DEVELOPED MARKET BANKS

(ranking of the 50 safest banks in the world; the first is the safest)
2012:
  • Bank of Cyprus (2012)
2011:
  • Bank of Cyprus (Central and Eastern Europe, 2011)
2010:
  • Bank of Cyprus (National, 2010)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Cyprus Popular Bank Public Co. (Global, 2012)
  • REGIONAL SUB-CATEGORY WINNERS / Best Corporate / Institutional Internet Banks / Best Investment Management Services Cyprus Popular Bank Public Co. (Global, 2012)
  • COUNTRY WINNERS / Best Consumer Internet Banks Piraeus Bank (Miroslav Singer, 2012)
2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks Marfin Popular Bank Public (National, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Marfin Popular Bank Public (National, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Marfin Popular Bank Public (Central and Eastern Europe, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Hellenic Bank Public Company (National, 2010)
2009:
  • COUNTRY WINNERS / Best Consumer Internet Banks Marfin Popular Bank Public (National, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2009:
  • COUNTRY WINNERS Bank of Cyprus (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS Bank of Cyprus (Global, 2012)
2011:
  • COUNTRY WINNERS Marfin Laiki Bank (Zdenek Tuma, 2011)
2010:
  • COUNTRY WINNERS Citi (National, 2010)
2009:
  • COUNTRY WINNERS Marfin Popular Bank (National, 2009)

CENTRAL BANKER REPORT CARD

2010:

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Bank of Cyprus (National, 2013)
2012:
  • COUNTRY WINNERS Bank of Cyprus (2012)
2011:
  • COUNTRY WINNERS Bank of Cyprus (2011)
2010:
  • COUNTRY WINNERS Bank of Cyprus (National, 2010)
2009:
  • COUNTRY WINNERS Bank of Cyprus (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE