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Cyprus ECONOMY
Gross Domestic Product (GDP): US$5.3 billion in
1990; per
capita gross national product (GNP) US$7,200 in 1988. GDP
grew at
an average annual rate of 8.4 percent between 1976 and
1986, with
slight downturn in late 1980s.
[Turkish Cypriot GNP: US$425.4 million in 1989; per
capita
income US$25l3. GDP grew at an average annual rate of 6.4
percent
between 1977 and 1988; growth rate in 1989 was 7.1
percent.]
Agriculture: Made up 7.7 percent of GDP in 1988
and
accounted for 15.8 percent of employment in 1987.
Important
irrigation projects and government subsidies guaranteed
continued
strength of sector. Crops accounted for most agricultural
production; livestock about one-fifth; fishing and
forestry
negligible. Agricultural exports important; potatoes
accounted for
10 percent of export earnings in some years; citrus and
wine
exports also noteworthy. Gradually evolving free-market
trade with
European Economic Community in 1990s could threaten
branches of
Cypriot agriculture.
[Turkish Cypriot agriculture accounted for about 9
percent of
GDP in 1990 and provided employment for about 30 percent
of work
force. Citrus fruits most important export product.
Shortage of
year-round water an obstacle to sector's growth.]
Manufacturing: Accounted for about 16 percent of
GDP and
20 percent of employment in late 1980s. Wide variety of
light
manufacturing, with clothing and foods the most important
products.
Clothing most important export. Dismantling of tariff
protection
and low Third World wages would challenge subsector in
1990s.
[Turkish Cypriot manufacturing accounted for about 12
percent of
GDP and 11 percent of employment in 1989. Almost entirely
light
industry, with clothing and textiles most important
products.
Clothing accounted for 30 percent of exports in late
1980s.]
Services: Accounted for over half of GDP at end
of 1980s.
Tourism most important subsector, with over a million
foreign
visitors each year. Financial and business services also
important.
[Turkish Cypriot service sector accounted for well over
half of
GDP and nearly half of employment at end of 1980s. Tourism
most
dynamic element, with about 300,000 foreign visitors by
1990.]
Balance of Payments: Persistent large negative
trade
balance. Large tourism earnings and positive capital
account
balances generally yielded positive balance of payments.
[Large negative Turkish Cypriot trade balance offset by
earnings
from tourism and import license fees.]
Data as of January 1991
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