21, Nov 2009, CST. Welcome to the Cyprus economic statistics pages provided by the beta version of EconomyWatch.com’s Econ Stats database.

Economic Indicators For: Cyprus › Change country
National or Regional Currency: Euro, EUR
Year of data: 2008 › Change year
Number of Indicators Listed: 26
Full Dataset: From Year 1980 to 2013
Date of Last Update: 1 Sept 2009
Population: 796,740 (July 2009 est.)
Area: total: 9,250 sq km (of which 3,355 sq km are in north Cyprus) land: 9,240 sq km water: 10 sq km
Natural Resources: copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment
Government Type: Cyprus government type
Government Ministers: Cyprus ministers
Capital: Nicosia (Lefkosia)
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook

The area of the Republic of Cyprus under government control has a open or free market economy dominated by the service sector, which accounts for 78 per cent of Gross Domestic Product (GDP). Tourism and transportation, financial services, and real estate are the most important sectors. Erratic growth rates over the past ten years reflect its economy's reliance on tourism and transportation, which often fluctuates with political instability in the region and the economic environment in Western Europe. Nevertheless, its economy in the area under government control has grown at a rate well above the European Union (EU) average since 2000. Cyprus joined the Europea Currency Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An strong austerity program in the preceding years, aimed at paving the way for the euro, aided turn a rocketing financial deficit (6.3 per cent in 2003) into a surplus of 1.2 per cent in 2008. This prosperity will come under pressure in 2009, as construction and building and tourism and transportation delayed in the face of reduction ofd foreign demand triggered by the continuous global economic downturn. Growth is expected to delayed to less than 2 per cent, which would be its lowest or cheapest level since 2003. As in the area administered by Turkish Cypriots, water shortages are a perennial problem; a few desalicountry plants have been added to existing plants over the last year and are now on line. After 10 years of drought, the nationreceived substantial rainfall from 2001-04. Since then, rainfall has been well under average, making water rationing a necessity.
More on the Cyprus Economy
More on the Cyprus Export, Import and Trade

GDP (Constant Prices, National Currency) for Cyprus in year 2008 is EUR 13.059 Billion. Real GDP is expressed in billions of national currency units; the base year is country-specific.

GDP Growth (Constant Prices, National Currency) for Cyprus in year 2008 is 3.655 %. Annual percentages of constant price GDP are year-on-year changes; the base year is country-specific.

GDP (Current Prices, National Currency) for Cyprus in year 2008 is EUR 16.948 Billion. GDP is expressed in billions of national currency units.

GDP (Current Prices, US Dollars) for Cyprus in year 2008 is US$ 24.943 Billion. Values are based upon GDP in national currency and the exchange rate projections provided by country economists for the group of other emerging market and developing countries. Exchanges rates for advanced economies are established in the WEO assumptions for each WEO exercise.

GDP Deflator for Cyprus in year 2008 is 129.783 (Index, Base Year as per country's accounts = 100). The GDP deflator is derived by dividing current price GDP by constant price GDP and is considered to be an alternate measure of inflation. Please note: Data are expressed in the base year of each country's national accounts.

GDP Per Capita (Constant Prices, National Currency) for Cyprus in year 2008 is EUR 17,157.87 . GDP is expressed in constant national currency per person. Data are derived by dividing constant price GDP by total population.

GDP Per Capita (Current Prices, National Currency) for Cyprus in year 2008 is EUR 22,267.95 . GDP is expressed in current national currency per person. Data are derived by dividing current price GDP by total population.

GDP Per Capita (Current Prices, US Dollars) for Cyprus in year 2008 is US$ 32,772.07 . GDP is expressed in current U.S. dollars per person. Data are derived by first converting GDP in national currency to U.S. dollars and then dividing it by total population.

Output Gap, Percent of Potential GDP for Cyprus in year 2008 is 1.593 %. Output gaps for advanced economies are calculated as actual GDP less potential GDP as a percent of potential GDP. Estimates of output gaps are subject to a significant margin of uncertainty. For a discussion of approaches to calculating potential output, see Paula R. De Masi, "IMF Estimates of Potential Output: Theory and Practice," in Staff Studies for the World Economic Outlook (Washington: IMF, December 1997), pp. 40-46.

GDP (PPP), US Dollars for Cyprus in year 2008 is US$ 22.703 Billion. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

GDP Per Capita (PPP), US Dollars for Cyprus in year 2008 is US$ 29,829.87 . These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

GDP Share of World Total (PPP) for Cyprus in year 2008 is 0.033 %. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

Implied PPP Conversion Rate for Cyprus in year 2008 is 0.746 . These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

Investment (% of GDP) for Cyprus in year 2008 is not available

Gross National Savings (% of GDP) for Cyprus in year 2008 is not available

Inflation, Average Consumer Prices (Indexed to Year 2000) for Cyprus in year 2008 is 123.551 (Index, Base Year 2000 = 100). Data for inflation are averages for the year, not end-of-period data. The index is based on 2000=100.

Inflation (Average Consumer Price Change %) for Cyprus in year 2008 is 4.377 %. Data for inflation are averages for the year, not end-of-period data.

Inflation, End of Year (Indexed to Year 2000) for Cyprus in year 2008 is 121.537 (Index, Base Year 2000 = 100). Data for inflation are end of the period, not annual average data. The index is based on 2000=100.

Inflation (End of Year Change %) for Cyprus in year 2008 is 1.817 %. Data for inflation are end of the period, not annual average data.

Six-month London Interbank Offered Rate (LIBOR) Change % for Cyprus in year 2008 is not available

Unemployment Rate (% of Labour Force) for Cyprus in year 2008 is 3.65 %.

Employment for Cyprus in year 2008 is 0.383 Million .

Population for Cyprus in year 2008 is 0.761 Million .

General Government Balance (National Currency) for Cyprus in year 2008 is EUR 0.167 Billion. Data are on a national income accounts basis. Please refer to Box A1 in the World Economic Outlook for a summary of the policy assumptions underlying the projections.

General Government Balance (% of GDP) for Cyprus in year 2008 is 0.988 %. Data are on a national income accounts basis. Please refer to Box A1 in the World Economic Outlook for a summary of the policy assumptions underlying the projections.

General Government Structural Balance (National Currency) for Cyprus in year 2008 is EUR 0.046 Billion. Data are on a national income accounts basis. The structural budget position is defined as the actual budget deficit (or surplus) less the effects of cyclical deviations of output from potential output. Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude. Moreover, it is important to note that changes in structural budget balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs. In the period beyond that for which specific cons

General Government Structural Balance (% Potential GDP) for Cyprus in year 2008 is 0.273 %. Data are on a national income accounts basis. The structural budget position is defined as the actual budget deficit (or surplus) less the effects of cyclical deviations of output from potential output. Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude. Moreover, it is important to note that changes in structural budget balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs. In the period beyond that for which specific cons

General Government Net Debt (National Currency) for Cyprus in year 2008 is not available

General Government Net Debt (% GDP) for Cyprus in year 2008 is not available

General Government Gross Debt (National Currency) for Cyprus in year 2008 is not available

General Government Gross Debt (% GDP) for Cyprus in year 2008 is not available

Current Account Balance (US Dollars) for Cyprus in year 2008 is US$ -4.566 Billion. Balance of payments data are based upon the methodology of the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). Data for the world total reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual countries.

Current Account Balance (% GDP) for Cyprus in year 2008 is -18.305 %. Balance of payments data are based upon the methodology of the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). Data for the world total reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual countries.