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Cyprus

 
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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

Cyprus - TABLE OF CONTENTS

COUNTRY PROFILE

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Information Courtesy: The Library of Congress - Country Studies


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