Front Matter Page
© 1995 International Monetary Fund
January 1995
IMF Staff Country Report No. 95/3
Cyprus—Recent Economic Developments
This report on recent economic developments in Cyprus was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member.
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Front Matter Page
INTERNATIONAL MONETARY FUND
CYPRUS
Recent Economic Developments
Prepared by Adi Brender, Dimitri G. Demekas and Javier Hamann (all EU1)
Approved by the European I Department
November 21, 1994
Contents
Basic Data
I. Introduction
II. Domestic Economy
1. Demand and production
2. Labor market
3. Prices
4. Developments in 1994
III. Public Finances
1. Developments in 1993
2. Trends in 1994
IV. Money and Credit
1. Overview
2. Developments during 1993
3. Prospects for 1994
4. Other developments
a. Banking supervision
b. Cooperative credit institutions
V. External Sector
1. Exchange rate developments and competitiveness
2. The current account
3. Capital account, external debt, and reserves
4. Developments in 1994
Appendices
I. Staff Medium-Term Projections
II. A Forecasting Model for Tourist Arrivals in Cyprus
III. Institutional Characteristics and Flexibility of the Cypriot Labor Market: A Critical Evaluation
IV. Modelling the Demand for Monetary Aggregates in Cyprus
V. Exchange and Trade Arrangements
Tables
1. Aggregate Demand (at constant 1985 prices)
2. Aggregate Demand (at current prices)
3. Contributions to Growth of Real GDP
4. Composition of Gross Fixed Capital Formation
5. Origin of Gross Domestic Product
6. Origin of Gross Domestic Product (at current prices)
7. Gross Manufacturing Output by Major Industries
8. Tourist Arrivals and Receipts
9. Labor Force and Employment by Sector
10. Wage and Productivity Indicators
11. Price Indices
12. Implicit Deflators
13. Consolidated Central Government Budget (in millions of Cyprus pounds)
14. Consolidated Central Government Budget (in percent of GDP)
15. Consolidation of Central Government Budgets
16. Central Government Ordinary Budget
17. Central Government Development Budget
18. Social Insurance Funds
19. Defence Fund
20. Accounts of Relief Fund for Displaced Persons
21. Public Loans Funds
22. Government and Government-Guaranteed Net Debt
23. Total Gross Public Debt by Instrument and Lender
24. Targets and Outturns for Monetary and Credit Aggregates
25. Monetary Survey
26. Credit by Deposit Money Banks to the Private Sector
27. Liquidity of All Banks (period average)
28. Liquidity of All Banks (end of period)
29. Reserve Money
30. Selected Interest Rates
31. Nominal and Real Exchange Rate Indices
32. Indicators of Competitiveness
33. Balance of Payments Summary
34. Factors Affecting Imports Volatility
35. Merchandise Trade
36. Direction of Trade
37. Commodity Exports by Economic Origin
38. Commodity Import Composition
39. Invisible Transactions
40. Capital Account
41. Outstanding External Debt
42. Medium- and Long-Term Outstanding External Debt by Debtor and by Creditor
43. Net International Reserves
Charts
1. Real GDP Growth, Tourist Arrivals and Contributions of Domestic Demand and Foreign Balance
2. International Comparisons of Selected Economic Indicators
3. Financing and Composition of Investment
4. Composition of Employment and Profitability
5. Consolidated Central Government Finances
6. The Credit Cooperative Sector
7. Balance of Payments
8. Real Effective Exchange Rates
9. External Debt
10. Exchange Rate Developments