Economy of Northern Cyprus
From Wikipedia, the free encyclopedia
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.
Currency | Turkish lira (₺) (TRY) |
---|---|
Calendar year | |
Trade organisations | ECO (observer) |
Statistics | |
GDP | $4.234 billion (nominal, 2018)[1] |
GDP rank | 157th (nominal, if ranked according to the World Bank) |
GDP growth | 5.0% (2018)[1] |
GDP per capita | $14,942 (Nominal, 2018)[1] |
10.2% (2018)[1] | |
Unemployment | 5% (2018)[1] |
Main industries | tourism, education, agriculture |
External | |
Exports | $131 million (2014)[2] |
Export goods | Dairy products, raw and processed citrus, rakı, scrap, chicken, potatoes |
Main export partners | Turkey, Arab League countries[3] |
Imports | $1.816 billion dollars[4] |
Main import partners | Turkey, European Union |
All values, unless otherwise stated, are in US dollars. |
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]