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Economy of Northern Cyprus information


Economy of Northern Cyprus
North Nicosia is the economic center of Northern Cyprus
CurrencyTurkish lira (₺) (TRY)
Fiscal year
Calendar year
Trade organisations
ECO (observer)
Statistics
GDPIncrease $4.234 billion (nominal, 2018)[1]
GDP rank157th (nominal, if ranked according to the World Bank)
GDP growth
Increase 5.0% (2018)[1]
GDP per capita
$14,942 (Nominal, 2018)[1]
Inflation (CPI)
Increase 10.2% (2018)[1]
UnemploymentPositive decrease 5% (2018)[1]
Main industries
tourism, education, agriculture
External
ExportsIncrease $131 million (2014)[2]
Export goods
Dairy products, raw and processed citrus, rakı, scrap, chicken, potatoes
Main export partners
Economy of Northern Cyprus Turkey, Arab League Arab League countries[3]
ImportsIncrease$1.816 billion dollars[4]
Main import partners
Economy of Northern Cyprus Turkey, Economy of Northern Cyprus European Union

All values, unless otherwise stated, are in US dollars.

The economy of Northern Cyprus is dominated by the services sector (69% of GDP in 2007), which includes the public sector, trade, tourism and education. Industry (light manufacturing) contributes 22% of GDP and agriculture 9%.[5] Northern Cyprus's economy operates on a free-market basis, with a significant portion of administration costs funded by Turkey. Northern Cyprus uses the Turkish lira as its currency, which links its economic situation to the economy of Turkey.

As of 2014, the GDP per capita of Northern Cyprus was $15,109, and the GDP was $4.039 billion. The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus.[6][7] Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%,[8] down from 8.3% in 2014.[9] The inflation rate in June 2015 was at 3.18%.[10][9][11]

  1. ^ a b c d e "KKTC" (PDF). www.kei.gov.tr. 2018. Archived from the original (PDF) on 2020-10-07. Retrieved 2020-05-26.
  2. ^ "KKTC Merkez Bankası 2014 IV. Çeyrek Raporu" (PDF) (in Turkish). TRNC Central Bank. pp. 9–10. Retrieved 29 July 2015.
  3. ^ "Stats" (PDF). ticaret.gov.ct.tr. Retrieved 2020-05-26.
  4. ^ "Ocak" (PDF). ticaret.gov.ct.tr. 2018. Retrieved 2020-05-26.
  5. ^ CIA - The World Factbook - Cyprus: scroll down to section entitled Economy of the area administered by Turkish Cypriots
  6. ^ "KKTC" (in Turkish). Turkish Ministry of Economy. Retrieved 28 July 2015.
  7. ^ "Political deal may boost Cypriot economy". Daily Sabah. Retrieved 28 July 2015.
  8. ^ "KKTC'de işsizlik %7.4". Kıbrıs. Retrieved 6 June 2016.
  9. ^ a b "En yüksek işsizlik oranı Güzelyurt'ta" (in Turkish). Kıbrıs Postası. Retrieved 29 July 2015.
  10. ^ "2008=100 TEMEL YILI TÜKETİCİ FİYATLARI ENDEKSİNİN 2015 HAZİRAN AYI SONUÇLARI" (PDF). State Planning Organization. Archived from the original (PDF) on 24 February 2016. Retrieved 29 July 2015.
  11. ^ Cite error: The named reference socin2 was invoked but never defined (see the help page).

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