Cyprus Economic Statistics and Indicators

28, Jan 2020, EST. 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: 2015 › Change year
Number of Indicators Listed: 38
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 1,172,458 (July 2014 est.)
Area: total: 9,251 sq km (of which 3,355 sq km are in north Cyprus) ; land: 9,241 sq km ; water: 10 sq km
Natural Resources: copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment
Capital: name: Nicosia (Lefkosia/Lefkosa) ; geographic coordinates: 35 10 N, 33 22 E ; time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 3%. An overextended banking sector with excessive exposure to Greek debt resulted in a contraction in economic growth. Two of Cyprus' biggest banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. The economy contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to return to positive growth before 2015. Unemployment is currently over 17% and expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika". Shortly after the election of President Nicos ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with the Troika to a $13 billion bailout that included losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls, some of which remained in place through 2014. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on some bank bondholders. The Troika conditioned the bailout on progress in financial and structural reforms and privatization of state-owned enterprises. Cyprus has downsized and restructured its banking sector significantly. Three positive reviews by the Troika since May 2013 indicate that Cyprus’ bailout program is on track with a fourth review scheduled in May 2014. In October 2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its territorial waters, which revealed less than anticipated natural gas reserves. Additional exploration drilling is likely to continue in 2014-2015.
More on the Cyprus Economy
More on the Cyprus Export, Import and Trade

GDP (Constant Prices, National Currency) for Cyprus in year 2015 is EUR 15.176 Billion.

GDP Growth (Constant Prices, National Currency) for Cyprus in year 2015 is 1.588 %.

GDP (Current Prices, National Currency) for Cyprus in year 2015 is EUR 17.421 Billion.

GDP (Current Prices, US Dollars) for Cyprus in year 2015 is US$ 19.33 Billion.

GDP Deflator for Cyprus in year 2015 is 114.791 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Cyprus in year 2015 is EUR 17,733.05 .

GDP Per Capita (Current Prices, National Currency) for Cyprus in year 2015 is EUR 20,355.97 .

GDP Per Capita (Current Prices, US Dollars) for Cyprus in year 2015 is US$ 22,587.49 .

Output Gap, Percent of Potential GDP for Cyprus in year 2015 is -2.8 %.

GDP (PPP), US Dollars for Cyprus in year 2015 is US$ 28.058 Billion.

GDP Per Capita (PPP), US Dollars for Cyprus in year 2015 is US$ 32,785.46 .

GDP Share of World Total (PPP) for Cyprus in year 2015 is 0.025 %.

Implied PPP Conversion Rate for Cyprus in year 2015 is 0.621 .

Investment (% of GDP) for Cyprus in year 2015 is 15.381 %.

Gross National Savings (% of GDP) for Cyprus in year 2015 is 10.247 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for Cyprus in year 2015 is 100 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Cyprus in year 2015 is -1.54 %.

Inflation, End of Year (Indexed to Year 2000) for Cyprus in year 2015 is 99.67 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Cyprus in year 2015 is -0.449 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Cyprus in year 2015 is 4.021 %.

Import Volumes of Goods Only (Percent Change) for Cyprus in year 2015 is 3.575 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Cyprus in year 2015 is 1.908 %.

Export Volumes of Goods Only (Percent Change) for Cyprus in year 2015 is -12.091 %.

Unemployment Rate (% of Labour Force) for Cyprus in year 2015 is 15.322 %.

Employment for Cyprus in year 2015 is 0.365 Million .

Population for Cyprus in year 2015 is 0.856 Million .

General government revenue (National Currency) for Cyprus in year 2015 is EUR 6.894 Billions.

General government revenue (% of GDP) for Cyprus in year 2015 is 39.574 %.

General government total expenditure (National Currency) for Cyprus in year 2015 is EUR 7.186 Billions.

General government total expenditure (% of GDP) for Cyprus in year 2015 is 41.248 %.

Total Government Net Lending/ Borrowing (National Currency) for Cyprus in year 2015 is EUR -0.292 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for Cyprus in year 2015 is -1.674 %.

Fiscal Year Gross Domestic Product, Current Prices for Cyprus in year 2015 is EUR 17.421 Billions.

Current Account Balance (US Dollars) for Cyprus in year 2015 is US$ -0.992 Billion.

Current Account Balance (% GDP) for Cyprus in year 2015 is -5.134 %.