Economy of Cyprus
Population: 1.19 M (2018)
GDP per Capita: 28,159 USD (2018)
24,960 M.

GDP USD

(2018)

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18,240 M.

EXPORTS USD

(2018)

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18,040 M.

IMPORTS USD

(2018)

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95.50 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 4.06 % (2018)
GDP of 2010 USD USD 27.40 B. (2018)
GDP Current USD USD 24.96 B. (2018)
GDP per Capita Current USD USD 28,159 (2018)
GDP per capita, PPP USD 33,048 (2017)
GDP per Capita, 2010 USD USD 30,926 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 14.90 % (2018)
Government Spending USD 3.72 B. (2018)
Government Debt % GDP 95.50 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 119.00 (2018)
Trade Openness 145.35 % (2018)
Exports of Goods and Services % GDP 73.07 % (2018)
Exports Goods & Services USD 18.24 B. (2018)
Exports Annual Growth 4.56 % (2018)
Imports as % GDP 72.28 % (2018)
Total Imports USD 18.04 B. (2018)
Foreign Direct Investment % GDP 20.86 % (2018)
Foreign Direct Investment USD 11.02 B. (2017)
Current Account Balance % GDP USD -4.27 % (2018)
Current Account Balance USD -1.07 B. (2018)
Trade Balance % GDP 0.79 % (2018)
Trade Balance USD 0.23 B. (2018)
Foreign Exchange Reserves incl Gold USD 0.92 B. (2018)
Remittances % GDP 1.79 % (2018)
Remittances USD 436 M. (2018)
Balance of Payments USD 337 M. (2018)

Labor Market

Indicator Value
Labor Force 0.62 M. (2019)
Unemployment Rate 7.92 % (2019)
Unemployment Rate Females 8.12 % (2019)
Unemployment Rate Males 6.55 % (2019)
Youth Unemployment (ages 15-24) 18.26 % (2019)
Labor Force Participation Rate 62.02 % (2019)
Labor Force (Percent Female) 46.23 % (2019)
Female Labor Force Participation Rate 57.20 % (2019)
Male Labor Force Participation Rate 66.90 % (2019)
Dependent People 43.90 % (2018)

Agriculture Sector

Indicator Value
Forest Area 18.70 % (2016)
Forest Area km² 1,727 km² (2016)
Agricultural Land 12.16 % (2016)
Agricultural Land km² 1,123 km² (2016)
Employment 2.47 % (2019)
Value added % GDP 2.02 % (2018)
Agriculture Value added USD 0.51 B. (2018)
Crop Production Index 64.30 (2016)
Precipitation 498 mm (2014)
Arable Land 9 % (2016)
Cereal Yield 2,009 kg/hectare (2017)
Food production index 79 (2016)
Rural Population 33 % (2018)
Fertilizer use of Arable Land 197 kg/hectare (2016)
Livestock Production Index 89 (2016)
Economy of Cyprus

According to the World Bank and its latest published data, the economy of the Cyprus presents a growth rate of 4.06 % (2018) to the previous year.

With a population that reaches 1.19 M (2018) and a gross domestic product of USD 24.96 B. (2018), it translates a Gross Domestic Product per Capita of USD 28,159 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Cyprus also has a workforce of 0.62 M. (2019) with an unemployment rate of 7.92 % (2019), where women represent 8.12 % (2019) and men 6.55 % (2019), the unemployment rate for young people between 15-24 years old stood at 18.26 % (2019). The total number of dependent people stands at 43.90 % (2018).

The central government spent 14.90 % (2018) of its gross domestic product that year, which in absolute terms is USD 3.72 B. (2018). Its consolidated public debt reached 95.50 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Cyprus exported USD 18.24 B. (2018), which represents 73.07 % (2018) of its gross domestic product, in that same sense its imports reached USD 18.04 B. (2018) with a direct foreign investment of USD 11.02 B. (2017).

Cyprus has a forest area of 1,727 km² (2016), which represents 18.70 % (2016) of its total area, an average rainfall of 498 mm (2014) per year and a population of 33 % (2018) living in rural areas. With a total area of 1,123 km² (2016) available for agriculture and 2.47 % (2019) of its employments, the agricultural sector contributes to the economy of the Cyprus about USD 0.51 B. (2018) (2.02 % (2018) of its GDP).