Cyprus Economy Overview
The island country of Cyprus has the 108th largest economy in the world with a GDP of $25 billion. In the last five years, the country’s exports decreased by $434 million while imports increased by $3.13 billion. This resulted in a negative trade balance of -$8.71 billion in 2018 when annual imports of $13.8 billion exceeded exports of $5.09 billion.
According to the Economic Complexity Index, Cyprus has the 44th most complex economy in the world.
Top 5 Commodity Exports
- Refined petroleum – $984 million
- Cheese – $274 million
- Crude petroleum – $110 million
- Potatoes – $49.7 million
- Cement – $42.5 million
Other Notable Exports
- Recreational boats – $757 million
- Packaged medicaments – $400 million
- Other sea vessels – $280 million
- Planes, helicopters, and spacecraft – $175 million
- Passenger and cargo ships – $163 million
With total exports of just over $5 billion, Cyprus is the 113th biggest exporter in the world. Top destinations of Cyprus exports are the Cayman Islands ($753 million), Greece ($461 million), Libya ($457 million), Norway ($288 million), and the United Kingdom ($230 million).
GDP of Cyprus
The GDP of Cyprus is $25 billion as of 2018. This figure represents a decline of 10,4% over the previous ten years. The GDP per capita is $28,690 – almost 19% smaller than in 2008.
In terms of GDP, Cyprus' economy is the 108th largest in the world.
Top 5 Commodity Imports
- Refined petroleum – $2.24 billion
- Cheese – $68.4 million
- Raw aluminium – $48 million
- Corn – $45.6 million
- Barley – $44.8 million
Other Notable Imports
- Passenger & cargo ships – $1.67 billion
- Recreational boats – $620 million
- Cars – $513 million
- Special purpose ships – $375 million
- Other sea vessels – $295 million
Total imports of $13.8 billion make Cyprus the world’s 88th largest trade destination. Greece is the country’s top import partner, with a trade value of $2.01 billion, followed by South Korea ($1.25 billion), Italy ($1.05 billion), Turkey ($989 million), and Russia ($760 million).
Details on Cyprus Imports/Exports
Recreational boats are Cyprus’ 2nd most exported product. About 97% ($732 million) of recreational boats are exported to the Cayman Islands. However, Cyprus also imports 57.1 % ($354 million) of recreational boats from there.
Other major export and import partners of recreational boats are Malta and the British Virgin Islands. The total export value makes Cyprus the 9th largest global exporter of recreational boats.
As its 3rd largest export product, Cyprus’ net trade in packaged medicaments amounts to $129 million, with exports totaling $400 million and imports amounting to $270 million.
Greece is Cyprus’ major partner for both exporting and importing packaged medicaments, with 10.5% going to and 29.9% coming from this neighboring country.
The fastest-growing export markets for packaged medicaments from Cyprus are Slovenia ($9.41 million), France ($21.7 million), and the Netherlands ($8.17 million).
Cars are Cyprus’ 4th largest imported product overall. More than a third ($177 million) of the $513 million car imports are from the United Kingdom, with Germany coming in at second place with 22.6%. Japan is the fastest-growing import market.
Car exports account for 3.72% ($11.9 million) of Cyprus’ total shipments to other countries. Thailand (20.2%) and Egypt (18.7%) are the biggest recipients of cars from Cyprus, while Italy (8.14%) represents the fastest-growing market.
Cyprus is the world’s 19th largest exporter and 58th largest importer of cheese, which is also the country’s 5th most exported product. Almost 40% of the $274 million worth of cheese exported by Cyprus goes to the United Kingdom. Other major recipients of cheese from Cyprus are Sweden ($35.8 million) and Germany ($15.9 million), with the fastest-growing markets being the United Kingdom and Saudi Arabia.
Cyprus is also a major importer of cheese, with 28.4% of its cheese imports coming from Greece. The rest comes from Germany ($13 million), Turkey ($6.07 million), France ($4.72 million), and the United Kingdom ($4.32 million).
Interesting Facts About Cyprus
- Cyprus is the 3rd largest and most populous island in the Mediterranean Sea after Sicily and Sardina. It has a population of 850,000 people of which 250,00 live in the capital of Nicosia.
- Cyprus has been a member of the EU since 2004 when it also adopted the Euro as its currency.
- Cyprus was under British rule from 1878 to 1960 when it gained its independence.
Sources and Further Reading
- Find out what Cyprus' national debt is made up of and why its debt to GDP ratio is one of the highest in Europe.
- See our global economic indicator guide to more than 45 other countries.
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- Interesting facts are based on information from Statista.
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