ARCHIVE // CY // TIME-SERIES
Economic overview
Cyprus — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | These data are for the area controlled by the Republic of Cyprus (information on the northern Turkish-Cypriot area is sparse). The economy is small, diversified, and prosperous. Industry contributes about 28% to GDP and employs 35% of the labor force, while the service sector contributes about 55% to GDP and employs 40% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6% rise in GDP in recent years. Wh |
| 1991 | These data are for the area controlled by the Republic of Cyprus (information on the northern Turkish-Cypriot area is sparse). The economy is small, diversified, and prosperous. Industry contributes about 25% to GDP and employs 35% of the labor force, while the service sector contributes about 55% to GDP and employs 40% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6% rise in GDP in recent years. |
| 1992 | The Greek Cypriot economy is small, diversified, and prosperous. Industry contributes 24% to GDP and employs 35% of the labor force, while the service sector contributes 44% to GDP and employs 45% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6.4% rise in GDP between 1985 and 1990. In mid-1991, the World Bank "graduated" Cyprus off its list of developing countries. In contrast to the bright picture |
| 1993 | The Greek Cypriot economy is small, diversified, and prosperous. Industry contributes 16.5% to GDP and employs 29% of the labor force, while the service sector contributes 62% to GDP and employs 57% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6.8% rise in GDP between 1986 and 1990. This progress was temporarily checked in 1991, because of the adverse effects of the Gulf War on tourism. Nevertheles |
| 1994 | The Greek Cypriot economy is small, diversified, and prosperous. Industry contributes 16% to GDP and employs 29% of the labor force, while the service sector contributes 60% to GDP and employs 57% of the labor force. An average 6.8% rise in real GDP between 1986 and 1990 was temporarily checked in 1991, because of the adverse effects of the Gulf War on tourism. Economic growth surged again in 1992, bolstered by strong foreign and domestic demand. As the economy gained momentum, however, it began |
| 1995 | The Greek Cypriot economy is small, diversified, and prosperous. Industry contributes 14% to GDP and employs 29% of the labor force, while the service sector contributes 53% to GDP and employs 57% of the labor force. An average 6.8% rise in real GDP between 1986 and 1990 was temporarily checked in 1991, because of the adverse effects of the Gulf war on tourism. After surging 8.5% in 1992, growth slowed to 2.0% in 1993 - its lowest level in two decades - because of the decline in tourist arrivals |
| 1996 | The Greek Cypriot economy is small and prosperous, but highly susceptible to external shocks. Industry contributes 25% to GDP and employs 26% of the labor force, while the service sector contributes 70% to GDP and employs 62% of the labor force. After surging 9.7% in 1992, economic growth slowed to 1.6% in 1993 - its lowest level in two decades - because of the decline in tourist arrivals associated with the recession in Western Europe, Cyprus' main trading partner, and the loss in export compet |
| 1997 | The Greek Cypriot economy is small and prosperous, but highly susceptible to external shocks. Industry contributes 23% to GDP and employs 25% of the labor force, while the service sector contributes 72% to GDP and employs 62% of the labor force. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals (caused by fluctuations in political and economic conditions in Western Europe and the Middle East) and the need for structural changes in the economy. On |
| 1998 | The Greek Cypriot economy is small and prosperous, but highly susceptible to external shocks. Industry contributes 22% to GDP and employs 25% of the labor force, while the service sector contributes 73% to GDP and employs 62% of the labor force. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. The Turkish Cypriot economy has about one-third |
| 1999 | Economic affairs are dominated by the division of the country into the southern (Greek) area controlled by the Cyprus Government and the northern Turkish Cypriot-administered area. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. Economic policy in the south i |
| 2000 | Economic affairs are dominated by the division of the country into the southern (Greek) area controlled by the Cyprus Government and the northern Turkish Cypriot-administered area. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. Economic policy in the south i |
| 2001 | Economic affairs are affected by the division of the country. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability on the island and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. As in the Turkish sector, water shortage is a growing problem, and severa |
| 2002 | Economic affairs are affected by the division of the country. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. As in the Turkish sector, water shortages are a perennial problem; a few |
| 2003 | The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. As in the Turkish sector, water shortages are a perennial problem; a few desalination plants are now online. The Turkish Cyprio |
| 2004 | The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. EU-driven tax reforms in 2003 have introduced fiscal imbalances, which, coupled with a sluggish tourism sector, have resulted i |
| 2005 | The Greek Cypriot economy is prosperous but highly susceptible to external shocks. The service sector, mainly tourism and financial services, dominates the economy; erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Economic policy is focused on meeting the criteria to join the European Exchange Rate Mechanism (ERM2) within the next two years although slugg |
| 2006 | The Republic of Cyprus has a market economy dominated by the service sector, which accounts for 76% of GDP. Tourism and financial services are the most important sectors; erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy grew a healthy 3.7% per year in 2004 and 2005, well above the EU average. Cyprus joined the European Exchange R |
| 2007 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 76% of GDP. Tourism and financial services are the most important sectors; erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control grew a healthy 3.7% to 3.8% per year |
| 2008 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control grew by an average of 3 |
| 2009 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate wel |
| 2010 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for nearly four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grow |
| 2011 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for nearly four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under govern |
| 2012 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which can fluctuate with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government contr |
| 2013 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which can fluctuate with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government contr |
| 2014 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment |
| 2015 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment |
| 2016 | The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for more than four-fifths of GDP. Tourism, financial services, shipping, and real estate have traditionally been the most important sectors. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. | During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemploy |
| 2017 | The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. | During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between |
| 2018 | The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 20 |
| 2019 | The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 20 |
| 2020 | The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 20 |
| 2021 | The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 20 |
| 2022 | The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 20 |
| 2023 | services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries note: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the Turkish Republ |
| 2024 | services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries note: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the Turkish Republ |
| 2025 | services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries note: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the Turkish Republ |