Cyprus - Economy
How is the economy of Cyprus? Based on the information we have, Cyprus has a services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries. Key agricultural products in this country include: milk, potatoes, sheep milk, pork, goat milk, wheat, chicken, barley, grapes, olives (2022).
More about the economy of Cyprus
| Labor force | 693,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 3.16% (2023 est.) |
| Industries | tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products |
| Population below poverty line | 13.9% (2021 est.) |
| Taxes and other revenues | 24.71% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.789 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.671 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.611 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$3.886 billion (2023 est.) |
| Current account balance 2022 | -$2.357 billion (2022 est.) |
| Current account balance 2021 | -$1.812 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 97.5% of GDP (2017 est.) |
| Budget | |
| Revenues | $11.644 billion (2022 est.) |
| Expenditures | $10.765 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.86% of GDP (2023 est.) |
| Remittances 2022 | 1.79% of GDP (2022 est.) |
| Remittances 2021 | 2.13% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.5% (2021 est.) |
| Highest 10% | 25.7% (2021 est.) |
| Imports | |
| Imports 2023 | $29.091 billion (2023 est.) |
| Imports 2022 | $27.658 billion (2022 est.) |
| Imports 2021 | $25.164 billion (2021 est.) |
| Imports (partners) | Greece 19%, Turkey 12%, Italy 9%, China 9%, Israel 5% (2022) |
| Comodities Imports force | refined petroleum, ships, cars, packaged medicine, garments (2022) |
| Exports | |
| Imports 2023 | $29.091 billion (2023 est.) |
| Imports 2022 | $27.658 billion (2022 est.) |
| Imports 2021 | $25.164 billion (2021 est.) |
| Exports (partners) | Hong Kong 10%, Greece 10%, Lebanon 7%, UK 6%, Liberia 5% (2022) |
| Comodities Exports force | ships, refined petroleum, packaged medicine, cheese, scented mixtures (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $46.976 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $45.845 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $43.637 billion (2021 est.) |
| GDP (official exchange rate) | $32.23 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $50,600 (2023 est.) |
| Real GDP per capita 2022 | $50,200 (2022 est.) |
| Real GDP per capita 2021 | $48,500 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.6% (2023 est.) |
| Industry | 12.2% (2023 est.) |
| Services | 74% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.9% (2023 est.) |
| Government consumption | 19.1% (2023 est.) |
| Investment in fixed capital | 22.1% (2023 est.) |
| Investment in inventories | -0.2% (2023 est.) |
| Exports of goods and services | 89.4% (2023 est.) |
| Imports of goods and services | -90.3% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.96% (2023 est.) |
| Unemployment rate 2022 | 6.81% (2022 est.) |
| Unemployment rate 2021 | 7.51% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 17.5% (2023 est.) |
| Male | 19.6% (2023 est.) |
| Female | 15.1% (2023 est.) |
All Important Facts about Cyprus
Want to know more about Cyprus? Check all different factbooks for Cyprus below.
