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Browse additional 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. Rankings of Cyprus best banks and safest banks are also available.
COUNTRY REPORT | CYPRUS
Amid continuing harsh austerity measures, things are—very slowly—starting to recover, alongside restructuring that will change the focus of the economy. GDP in 2014 should contract by 3.5% before flattening out next year, with 0.2% growth forecast.
USD 0.3 billion (2016)
International Monetary Fund (IMF), data retrieved January 2017
USD 20.5 billion (2017, estimate)
Intl$ 30.6 billion (2017, estimate)
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 4.5% | 4.9% | 3.7% | -2% | 1.4% | 0.4% | -2.4% |
| 2013 | 2014 | 2015 | 2016* | 2017* | ||
| -6% | -2.5% | 1.5% | 2.8% | 2.2% |
*Estimate
USD 24,017.7 (2017, estimate)
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 0.02% | 0.03% | 0.03% | 0.03% | 0.02% |
*Estimate
(2017 estimate)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 0.4% | -0.3% | -1.5% | -1.0% | 0.5% |
*Estimate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 15.9% | 16.2% | 14.9% | 13.0% | 11.6% |
*Estimate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 102.5% | 108.2% | 108.9% | 106.7% | 105.3% |
*Estimate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| -4.4% | -0.2% | -1.4% | -0.5% | -0.7% |
*Estimate
Standard & Poor's: BB
Moody's: B1
Standard & Poor's / Moody's (Updated January 2017)
| 2013 | 2014 | 2015 |
| USD 2.1 billion | USD 4 billion | USD 2.7 billion |
-3.7% (2017 estimate)
61.2% (2015)
0.01% (2015)
0.2% (2015)
Citrus, potatoes, pharmaceuticals, cement, clothing
Consumer goods, petroleum and lubricants, machinery, transport equipment
Greece 10.9%, Ireland 10.2%, UK 7.2%, Israel 6% (2015)
Greece 25.7%, UK 9.1%, Italy 8%, Germany 7.5%, Israel 5.5%, China 4.8%, Netherlands 4.1% (2015)
| 2013 | 2014 | 2015 |
| USD -12,574 million | USD 308 million | USD 4,534 million |
| 2013 | 2014 | 2015 |
| USD -10,971 million | USD 1,265 million | USD 9,718 million |
| 2012 | 2013 | 2014 | 2015 |
| USD 8060.3 million | USD 3617.6 million | USD 3652.3 million | USD 1026.8 million |
Novy Investments Ltd, OAO RN Holding, Russian Federation, USD 4.7 billion
N/A
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: 45 out of 190 countries (2016)
Subcategories:
Starting a business: 53 out of 190 countries
Enforcing Contracts: 139 out of 190 countries
Registering Property: 91 out of 190 countries
Getting credit: 62 out of 190 countries
Protecting investors: 27 out of 190 countries
Trading across border: 45 out of 190 countries
Paying Taxes: 34 out of 190 countries
Dealing with Construction Permits: 125 out of 190 countries
Getting Electricity: 63 out of 190 countries
Resolving Insolvency: 16 out of 190 countries
83 out of 138 countries
(2016-2017)
Ranking: 42 / Score: 68.74 (Moderately free) (2017)
(100=totally free 0=totally repressed)
Republic of Cyprus - presidential democracy
Turkish Republic of Northern Cyprus (self-declared) - semi-presidential democracy
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.)
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.)
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 0.579 million | 0.69 million | 0.819 million | 0.851 million | 0.867 million |
*Estimate
| 1960 | 1980 | 2000 | 2015 |
| 36% | 59% | 69% | 67% |
Total population: 99.1%
Male: 99.5%
Female: 98.7% (2015 est.)
(age 15 and over can read and write)
34.3 (2012)
(0=perfect equality, 100=absolute inequality)
Political Rights: 1
Civil Liberties: 1 (2017)
(1 represents the most free, 7 the least free rating)
Fixed 27.79% Mobile 95.40% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)