Browse economic indicators and data sets, selected by Global Finance editors, to learn more about Cyprus’ economic outlook, debt to GDP ratio, international trade performance and population trends.
Basic Information
Government Type: Republic of Cyprus – presidential republic; “Turkish Republic of Northern Cyprus” (self-declared) – parliamentary republic with enhanced presidency
Capital City: Nicosia (Lefkosia/Lefkosa)
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank |
Central Bank of Cyprus |
|---|---|
| Currency |
Euros (EUR) |
| International Reserves |
USD 0.9 billion (2018) International Monetary Fund (IMF), data retrieved October 2019 |
| Gross Domestic Product – GDP |
USD 24.5 billion (2018, estimate) |
| GDP (Purchasing Power Parity) |
Intl$ 34.5 billion (2018, estimate) |
GDP Data
| Real GDP growth |
2014 -1.3% 2015 2% 2016 4.8% 2017 4.5% 2018* 3.9% *Estimate |
|---|---|
| GDP per capita – current prices |
USD 28,339.9 (2018, estimate) |
| GDP per capita – PPP |
Intl$ 39,973.2 (2018, estimate) |
| GDP (PPP) – share of world total |
0.03% (2019, estimate) |
| GDP – composition by sector |
agriculture: 1.7% industry: 12.2% services: 72.6% (2018 estimate) |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2015 -1.5% 2016 -1.2% 2017 0.7% 2018* 0.8% 2019* 0.7% *Estimate |
Cyprus
Capital Raising & Corporate Finance
Cyprus Shores Up Financial Sector
Country Report
Cyprus Tries, Again, to Move AheadInflation & Debt
| Inflation |
2015 -1.5% 2016 -1.2% 2017 0.7% 2018* 0.8% 2019* 0.7% *Estimate |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: BBB- Moody’s: Ba2 Standard & Poor’s / Moody’s |
| Unemployment rate |
2015 14.9% 2016 13% 2017 11.1% 2018* 8.4% 2019* 7% |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2015 108% 2016 105.5% 2017 95.8% 2018* 202.5% 2019* 96.1% *Estimate |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2015 -0.3% 2016 0.3% 2017 1.8% 2018* -4.8% 2019* 3.6% *Estimate |
| Market value of publicly traded shares |
2016 USD 2.5 Billion 2017 USD 2.8 Billion 2018 USD 3.3 Billion |
| Largest Companies | N/A |
Import/Export
| Exports as percent of GDP (Exports of goods and services) | 64.3% (2018) |
|---|---|
| Shares in world total merchandising export |
0.03% (2018) |
| Shares in world total commercial services export | 0.20% (2018) |
| Total exports | USD 16.0 billion (2018 estimate) |
| Export commodities | Citrus, potatoes, pharmaceuticals, cement, clothing |
| Total imports | USD 16.4 billion (2018 estimate) |
| Import commodities |
Consumer goods, petroleum and lubricants, machinery, transport equipment |
| Exports – major partners |
Libya 9.4%, Greece 7.7%, Norway 6.7%, UK 5.3%, Germany 4.1% (2017) |
| Imports – major partners |
Greece 19%, Italy 7.5%, China 7.4%, South Korea 7.3%, Germany 7%, Netherlands 5.1%, UK 5%, Israel 4.1% (2017) |
Competitiveness & Trade
| Current account balance |
USD -1.7 billion (2018 estimate) |
|---|---|
| Current account balance by percentage of GDP |
-7.0 % (2018 estimate) |
| FDI inflows |
2016 USD 7,714 million 2017 USD 6,950 million 2018 USD 3,285 million |
| FDI Outflows |
2016 USD 5,719 million 2017 USD 1,833 million 2018 USD -2,237 million |
| Value of cross-border M&A, by country of purchaser |
2015 USD 968 million 2016 USD -1,155 million 2017 USD -518 million 2018 USD -876 million |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 54 out of 190 countries Subcategories: Starting a Business: 50 out of 190 countries Dealing with Construction Permits: 125 out of 190 countries Getting Electricity: 75 out of 190 countries Registering Property: 71 out of 190 countries Getting Credit: 80 out of 190 countries Protecting Minority Investors: 21 out of 190 countries Paying Taxes: 29 out of 190 countries Trading across Borders: 50 out of 190 countries Enforcing Contracts: 142 out of 190 countries Resolving Insolvency: 31 out of 190 countries |
| Global competitiveness ranking |
44 out of 141 countries (2019) |
| Index of Economic Freedom |
Ranking: 44 / Score: 68.1 (Moderately free) (100=totally free 0=totally repressed) |
Population & Geographic Data
| Time Zone |
UTC+2 |
|---|---|
| Total Area |
9,251 sq km |
| Total Population |
1990 0.58 million 2000 0.69 million 2010 0.82 million 2015 0.85 million 2020 0.89 million *Estimate |
| Urban population as % of total population |
1960 35.6% 1980 58.6% 2000 68.6% 2018 66.8% |
| Population median age |
37.2 years |
| Population growth rate |
1.27% (2018 estimate) |
| Life expectancy |
79 years (2018 estimate) |
| % of population living on less than $3.10 a day |
0% (last available estimate, 2015) |
| Inequality of wealth distribution (Gini index) |
34 (last available estimate, 2015) (0=perfect equality, 100=absolute inequality) |
| Freedom House rating |
Free Political Rights: 1 Civil Liberties: 1 (2019) (1 represents the most free, 7 the least free rating) |
| Total telephone subscribers as % of population |
Fixed: 26.2% Mobile: 100.9% (2018) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population |
84.43 % (2018) |
Language & Religon
| Languages |
Greek (official) 80.9%, Turkish (official) 0.2%, English 4.1%, Romanian 2.9%, Russian 2.5%, Bulgarian 2.2%, Arabic 1.2%, Filipino 1.1%, other 4.3%, unspecified 0.6% (2011 est.) |
|---|---|
| Literacy |
Total population: 99.1% Male: 99.5% Female: 98.7% Definition: age 15 and over can read and write (2015 est.) |
| Religions |
Orthodox Christian 89.1%, Roman Catholic 2.9%, Protestant/Anglican 2%, Muslim 1.8%, Buddhist 1%, other (includes Maronite, Armenian Church, Hindu) 1.4%, unknown 1.1%, none/atheist 0.6% (2011 est.) CIA World Factbook / Religions |
World Rankings
| Population | 0.89 M |
|---|---|
| Mercer Cost of living index |
Limassol: 161st (2019) |
| C02 Emissions per capita |
5.26 metric tons per capita (2014) |
Global Finance Rankings & Awards: Cyprus
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000