face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in mid 2009 and contracted 1.8% for the year. In addition, the budget deficit is on the rise and reached 5.7% of GDP in 2010, a violation of the EU's budget deficit criteria of no more than 3% of GDP. In response to the country's deteriorating finances, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.
GDP (purchasing power parity):
$23.18 billion (2010 est.) country comparison to the world: 118 $23.04 billion (2009 est.)
$23.45 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$22.75 billion (2010 est.)
GDP - real growth rate:
0.6% (2010 est.) country comparison to the world: 185 −1.8% (2009 est.)
3.6% (2008 est.)
GDP - per capita (PPP):
$21,000 (2010 est.) country comparison to the world: 62 $21,300 (2009 est.)
$22,000 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 2.1%
industry: 18.6%
services: 79.3% (2010 est.)
Labor force:
400,000 (2010 est.) country comparison to the world: 158
Labor force - by occupation:
agriculture: 8.5%
industry: 20.5%
services: 71% (2006 est.)
Unemployment rate:
6% (2010 est.) country comparison to the world: 57 5.3% (2009 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
29 (2005) country comparison to the world: 117
Investment (gross fixed):
19.7% of GDP (2010 est.) country comparison to the world: 91
Public debt:
61.1% of GDP (2010 est.) country comparison to the world: 30 56.2% of GDP (2009 est.)
Inflation rate (consumer prices):
2.2% (2010 est.) country comparison to the world: 61 0.4% (2009 est.)
Central bank discount rate:
1.75% (31 December 2009) country comparison to the world: 115 3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate:
7.49% (31 December 2009 est.) country comparison to the world: 124 7.19% (31 December 2008 est.)
Stock of narrow money:
$4.341 billion (31 December 2010 est) country comparison to the world: 98 $4.602 billion (31 December 2009 est)
note: this figure represents the US dollar value of Cypriot pounds in circulation prior to Cyprus joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the EMU; individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money:
$50.5 billion (31 December 2010 est.) country comparison to the world: 67 $53.46 billion (31 December 2009 est.)
Stock of domestic credit:
$101.2 billion (31 December 2009 est.) country comparison to the world: 49 $80.68 billion (31 December 2008 est.)
Market value of publicly traded shares:
$4.993 billion (31 December 2009) country comparison to the world: 71 $7.955 billion (31 December 2008)
$29.48 billion (31 December 2007)
Agriculture - products:
citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese
Industries:
tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products
Industrial production growth rate:
0.1% (2010 est.) country comparison to the world: 155
Electricity - production:
4.502 billion kWh (2007 est.) country comparison to the world: 115
Electricity - consumption:
4.277 billion kWh (2007 est.) country comparison to the world: 116
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2009 est.) country comparison to the world: 183
Oil - consumption:
59,000 bbl/day (2009 est.) country comparison to the world: 93
Oil - exports:
0 bbl/day (2007 est.) country comparison to the world: 201
Oil - imports:
58,930 bbl/day (2007 est.) country comparison to the world: 79
Oil
