Cyprus

tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products

note: area administered by Turkish Cypriots - foodstuffs, textiles, clothing, ship repair, clay, gypsum, copper, furniture

772,300 (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

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

note: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the Turkish Republic of Northern Cyprus, until political conditions permit the reunification of the island. Its market-based economy is roughly one-fifth the size of its southern neighbor and is likewise dominated by the service sector with a large portion of the population employed by the government. Manufacturing is limited mainly to food and beverages, furniture and fixtures, construction materials, metal and non-metal products, textiles and clothing. Little trade exists with the Republic of Cyprus outside of construction, historically relying heavily upon Turkey for financial aid, defense, telecommunications, utilities, and postal services. The Turkish Lira is the preferred currency, though foreign currencies are widely accepted in business transactions.

Libya 14%, Greece 11%, Lebanon 8%, Bermuda 7%, Marshall Islands 5% (2023)

note: top five export partners based on percentage share of exports

Greece 20%, UK 10%, Italy 7%, Turkey 6%, Spain 6% (2023)

note: top five import partners based on percentage share of imports

milk, potatoes, sheep milk, pork, goat milk, wheat, chicken, olives, grapes, barley (2023)

note: top ten agricultural products based on tonnage

ships, refined petroleum, packaged medicine, cheese, scented mixtures (2023)

note: top five export commodities based on value in dollars

refined petroleum, ships, cars, packaged medicine, coal tar oil (2023)

note: top five import commodities based on value in dollars

24.1% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

$36.333 billion (2024 est.)

note: data in current dollars at official exchange rate

13.9% (2021 est.)

note: % of population with income below national poverty line

4.6% (2024 est.)

note: annual % change in industrial value added based on constant local currency