Abstract
This Selected Issues paper and Statistical Appendix provides a brief assessment of Cyprus’s external position and its composition in an international perspective. It discusses estimates of Cyprus’s external position based on partial International Investment Position data as well as on cumulative flows, and compares its level and composition with advanced Organization for Economic Cooperation and Development (OECD) economies and with other accession countries. It finds that a precise assessment of Cyprus’s overall external position is hindered by the lack of data on nondebt stocks. The paper also analyzes aging and long-term fiscal sustainability in Cyprus.
III. Cyprus’s Real Exchange Rate and Export Market Share: 1980–200214
A. Introduction
51. This note provides estimates of the real effective exchange rate and export market share of the Cyprus economy during the period 1980–2002. Cyprus’s current account deficit is projected to have increased to 5.5 percent of GDP in 2002 from 4.3 percent of GDP in 2001. Temporary factors, such as the global economic slowdown and the fall in tourism travel following the September 11 events help explain the increase in the current account deficit, but persistent external imbalances could also raise concerns about the competitiveness of the Cyprus economy.15
52. The note concludes that Cyprus’s real effective exchange rate is broadly in line with historical trends. Although Cyprus’s REER depreciated considerably during the 1980s, part of this gain in price competitiveness was lost during the early 1990s. In the second half of the 1990s, the REER vis-à-vis trading partners was broadly stable, with fluctuations reflecting the dynamics of the U.S. dollar and the sterling. As the real exchange rate dynamics would suggest, Cyprus gained market share during the 1980s, but lost part of it during the 1990s. Part of the loss in price competitiveness and market share during the last decade could be explained by Cyprus’s economic convergence to the advanced economies and by the opening up of the developing world to trade. However, the relatively large level of Cyprus’s current account deficit, even if partly driven by temporary factors, does not leave room for complacency, and a reduction of the deficit is desirable to prevent large increases in the size of net external liabilities.16
B. Real Exchange Rate Indicators
53. Exchange rate policy in Cyprus has been historically targeting macroeconomic stability through the linkage of the Cyprus pound with a currency anchor. The Cyprus pound was pegged to the U.K. sterling for the period of 1960–72, to the U.S. dollar for a short period in 1972, to an import-weighted currency basket for the period 1973–84, and to a trade-weighted currency basket for the period 1984–92. In 1992, the Cyprus pound was pegged to the ecu, with a central rate of 1CYP=1.7086 ecu and fluctuation margins of ±2.25 percent, and in 1999 to the euro, maintaining a central parity rate of 1CYP=1.7086 euro and fluctuation margins at ±2.25 percent, widened to ±15 percent in August of 2001 following strong capital inflows after partial capital account liberalization.
54. Various measures of the real effective exchange rate are plotted in Figures 1 and 2. These measures include: CPI-based and unit labor cost (ULC)-based measures with respect to all Cyprus’s trading partners and with respect to Cyprus’s trading partners in the tourism sector; and a CPI-based measure with respect to the euro area.17 The trade weights are taken from the IMF’s Information Notice System. The ULC-based measures only cover the period 1990–2001, for reasons of data availability.
Real Effective Exchange Rate, CPI-Based Measures, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, INS facility.
Real Effective Exchange Rate, CPI-Based Measures, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, INS facility.Real Effective Exchange Rate, CPI-Based Measures, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, INS facility.
Real Effective Exchange Rate, ULC-Based Measures, 1990-2002
(1990=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Sources: Ministry of Finance; and Fund staff estimates.
Real Effective Exchange Rate, ULC-Based Measures, 1990-2002
(1990=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Sources: Ministry of Finance; and Fund staff estimates.Real Effective Exchange Rate, ULC-Based Measures, 1990-2002
(1990=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Sources: Ministry of Finance; and Fund staff estimates.55. Cyprus’s REER is currently near its recent historical average—some of its price competitiveness gains during the 1980s were reversed in the 1990s. Three main trends can be seen for the movements of the REER measures in Cyprus during 1980–2002. The REER depreciated substantially in the period 1980–90; during most of this period, the current account deficit declined substantially (Figure 3). It gradually appreciated in the period 1991–95, partly offsetting the earlier gains in price competitiveness, which went together with a deterioration in the current account balance.18 Since 1995, the CPI-based REER appreciated vis-à-vis euro area countries, but remained broadly stable vis-à-vis trading partners more generally, given the strengthening of the U.S. dollar and the sterling vis-à-vis the ecu and then the euro.19 The larger real appreciation vis-à-vis the euro area is consistent with Cyprus’s income convergence toward euro-area levels.
Current Account in Percent of GDP, 1980-2002
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.
Current Account in Percent of GDP, 1980-2002
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.Current Account in Percent of GDP, 1980-2002
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.56. A considerable part of the movements in the real exchange rate of Cyprus is explained by nominal exchange rate movements, since Cyprus’s inflation differential with other advanced economies has been relatively low—less than 1 percentage point on average during the last twelve years with respect to OECD economies.
57. A simple regression for the period 1980–2001 of the balance of goods and services (bgs), expressed as a ratio of GDP, on the real effective exchange rate and the growth differential between Cyprus and world growth (grdif) suggests a strong comovement between the balance of goods and services and relative prices:
where t-statistics are reported in parenthesis.
C. Export Market Share Indicators
58. Cyprus’s export market share movements in the period 1980–2002 are consistent with the REER movements. World and EU market shares for Cyprus are estimated for exports of goods, services, and of goods and services—these are calculated as the ratio of Cyprus’s exports to world and EU exports respectively (Figures 4 and 5). Cyprus’s market share for goods and services increased considerably in the 1980s, both with respect to the world and the EU, but part of this gain was lost in the 1990s. These movements are driven by Cyprus’s marker share in services, while its market share in goods have been consistently following a downward trend during this period. This trend reflects the decline of agriculture and manufacturing and the evolution of Cyprus as a service-oriented economy, as it catches up with income levels in advanced economies; in turn, the decline in the share of the exports of goods is also linked to the opening up of the developing world to trade.
Cyprus’s World Market Share, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.
Cyprus’s World Market Share, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.Cyprus’s World Market Share, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.
Cyprus’s EU Market Share, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.
Cyprus’s EU Market Share, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.Cyprus’s EU Market Share, 1980-2002
(1980=100)
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Source: IMF, World Economic Outlook.59. The overall gain in the market share in services is also reflected in Cyprus’s market share in tourism. The share of tourist arrivals in Cyprus over world tourist arrivals increased during the 1990s (data for earlier years and for 2002 were not available), in particular in the second half (Figure 6). The overall gain in market share during the 1980s was a continuation of a trend that started in the mid-1970s, as the Cyprus economy recovered from the 1974 invasion.
Tourist Arrivals in Cyprus as a Percent of World Arrivals, 1990-2001
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Sources: Cyprus Statistical Service and World Tourism Organization.
Tourist Arrivals in Cyprus as a Percent of World Arrivals, 1990-2001
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Sources: Cyprus Statistical Service and World Tourism Organization.Tourist Arrivals in Cyprus as a Percent of World Arrivals, 1990-2001
Citation: IMF Staff Country Reports 2003, 031; 10.5089/9781451809831.002.A003
Sources: Cyprus Statistical Service and World Tourism Organization.D. Conclusions
60. This note has provided estimates of Cyprus’s real exchange rate and export market share. Cyprus’s real effective exchange rate appears broadly in line with historical trends; its appreciation and loss of market share during the 1990s have partly offset gains in earlier years. Although part of this loss may be explained by Cyprus’s income convergence process, there is no room for complacency, in particular given the relatively large current account deficits in recent years.
Cyprus: Aggregate Demand, 1996–2001
(At constant 1995 prices)
Cyprus: Aggregate Demand, 1996–2001
(At constant 1995 prices)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | |||||||
| GDP at market prices | 4,081.7 | 4,179.7 | 4,388.7 | 4,590.1 | 4,824.2 | 5,017.2 | |
| Consumption | 3,367.3 | 3,502.7 | 3,788.7 | 3,818.9 | 4,067.4 | 4,308.0 | |
| Private | 2,641.5 | 2,748.2 | 2,979.2 | 3,071.6 | 3,339.9 | 3,506.8 | |
| Government | 725.8 | 754.5 | 809.5 | 747.3 | 727.5 | 801.2 | |
| Investment | 903.6 | 822.0 | 918.2 | 931.8 | 944.3 | 932.0 | |
| Of which: change in stocks | 76.7 | 32.7 | 65.7 | 91.1 | 65.0 | 40.0 | |
| Total domestic demand | 4,270.9 | 4,324.7 | 4,706.9 | 4,750.7 | 5,011.7 | 5,240.0 | |
| Foreign balance | -194.4 | -186.3 | -375.5 | -210.2 | -245.7 | -257.9 | |
| Exports of goods and NFS | 1,946.1 | 1,962.2 | 1,914.8 | 2,036.3 | 2,225.9 | 2,313.7 | |
| Imports of goods and NFS | 2,140.5 | 2,148.5 | 2,290.3 | 2,246.5 | 2,471.6 | 2,571.6 | |
| Statistical discrepancy | 5.2 | 41.3 | 57.3 | 49.6 | 58.2 | 35.1 | |
| Net factor income from abroad | 23.9 | 36.0 | 25.5 | 13.3 | 9.0 | 11.0 | |
| GNP at market prices | 4,105.6 | 4,215.7 | 4,414.2 | 4,603.4 | 4,833.2 | 5,028.2 | |
| (Annual percentage changes) | |||||||
| GDP at market prices | 1.9 | 2.4 | 5.0 | 4.6 | 5.1 | 4.0 | |
| Consumption | 5.3 | 4.0 | 8.2 | 0.8 | 6.5 | 5.9 | |
| Private | 3.5 | 4.0 | 8.4 | 3.1 | 8.7 | 5.0 | |
| Government | 12.6 | 4.0 | 7.3 | -7.7 | -2.6 | 10.1 | |
| Investment | 2.7 | -9.0 | 11.7 | 1.5 | 1.3 | -1.3 | |
| Total domestic demand | 4.8 | 1.3 | 8.8 | 0.9 | 5.5 | 4.6 | |
| Exports of goods and NFS | 4.1 | 0.8 | -2.4 | 6.3 | 9.3 | 3.9 | |
| Imports of good and NFS | 7.0 | 0.4 | 6.6 | -1.9 | 10.0 | 4.0 | |
| (Contribution to growth of real GDP) | |||||||
| GDP at market prices | 1.9 | 2.4 | 5.0 | 4.6 | 5.1 | 4.0 | |
| Consumption | 4.3 | 3.3 | 6.8 | 0.7 | 5.4 | 5.0 | |
| Private | 2.2 | 2.6 | 5.5 | 2.1 | 5.8 | 3.5 | |
| Public | 2.0 | 0.7 | 1.3 | -1.4 | -0.4 | 1.5 | |
| Investment | 0.6 | -2.0 | 2.3 | 0.3 | 0.3 | -0.3 | |
| Total domestic demand | 4.9 | 1.3 | 9.1 | 1.0 | 5.7 | 4.7 | |
| Foreign balance | -1.6 | 0.2 | -4.5 | 3.8 | -0.8 | -0.3 | |
| Exports of goods and NFS | 1.9 | 0.4 | -1.1 | 2.8 | 4.1 | 1.8 | |
| Imports of good and NFS | 3.5 | 0.2 | 3.4 | -1.0 | 4.9 | 2.1 | |
Cyprus: Aggregate Demand, 1996–2001
(At constant 1995 prices)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | |||||||
| GDP at market prices | 4,081.7 | 4,179.7 | 4,388.7 | 4,590.1 | 4,824.2 | 5,017.2 | |
| Consumption | 3,367.3 | 3,502.7 | 3,788.7 | 3,818.9 | 4,067.4 | 4,308.0 | |
| Private | 2,641.5 | 2,748.2 | 2,979.2 | 3,071.6 | 3,339.9 | 3,506.8 | |
| Government | 725.8 | 754.5 | 809.5 | 747.3 | 727.5 | 801.2 | |
| Investment | 903.6 | 822.0 | 918.2 | 931.8 | 944.3 | 932.0 | |
| Of which: change in stocks | 76.7 | 32.7 | 65.7 | 91.1 | 65.0 | 40.0 | |
| Total domestic demand | 4,270.9 | 4,324.7 | 4,706.9 | 4,750.7 | 5,011.7 | 5,240.0 | |
| Foreign balance | -194.4 | -186.3 | -375.5 | -210.2 | -245.7 | -257.9 | |
| Exports of goods and NFS | 1,946.1 | 1,962.2 | 1,914.8 | 2,036.3 | 2,225.9 | 2,313.7 | |
| Imports of goods and NFS | 2,140.5 | 2,148.5 | 2,290.3 | 2,246.5 | 2,471.6 | 2,571.6 | |
| Statistical discrepancy | 5.2 | 41.3 | 57.3 | 49.6 | 58.2 | 35.1 | |
| Net factor income from abroad | 23.9 | 36.0 | 25.5 | 13.3 | 9.0 | 11.0 | |
| GNP at market prices | 4,105.6 | 4,215.7 | 4,414.2 | 4,603.4 | 4,833.2 | 5,028.2 | |
| (Annual percentage changes) | |||||||
| GDP at market prices | 1.9 | 2.4 | 5.0 | 4.6 | 5.1 | 4.0 | |
| Consumption | 5.3 | 4.0 | 8.2 | 0.8 | 6.5 | 5.9 | |
| Private | 3.5 | 4.0 | 8.4 | 3.1 | 8.7 | 5.0 | |
| Government | 12.6 | 4.0 | 7.3 | -7.7 | -2.6 | 10.1 | |
| Investment | 2.7 | -9.0 | 11.7 | 1.5 | 1.3 | -1.3 | |
| Total domestic demand | 4.8 | 1.3 | 8.8 | 0.9 | 5.5 | 4.6 | |
| Exports of goods and NFS | 4.1 | 0.8 | -2.4 | 6.3 | 9.3 | 3.9 | |
| Imports of good and NFS | 7.0 | 0.4 | 6.6 | -1.9 | 10.0 | 4.0 | |
| (Contribution to growth of real GDP) | |||||||
| GDP at market prices | 1.9 | 2.4 | 5.0 | 4.6 | 5.1 | 4.0 | |
| Consumption | 4.3 | 3.3 | 6.8 | 0.7 | 5.4 | 5.0 | |
| Private | 2.2 | 2.6 | 5.5 | 2.1 | 5.8 | 3.5 | |
| Public | 2.0 | 0.7 | 1.3 | -1.4 | -0.4 | 1.5 | |
| Investment | 0.6 | -2.0 | 2.3 | 0.3 | 0.3 | -0.3 | |
| Total domestic demand | 4.9 | 1.3 | 9.1 | 1.0 | 5.7 | 4.7 | |
| Foreign balance | -1.6 | 0.2 | -4.5 | 3.8 | -0.8 | -0.3 | |
| Exports of goods and NFS | 1.9 | 0.4 | -1.1 | 2.8 | 4.1 | 1.8 | |
| Imports of good and NFS | 3.5 | 0.2 | 3.4 | -1.0 | 4.9 | 2.1 | |
Cyprus: Aggregate Demand, 1996–2001
(At current prices)
Cyprus: Aggregate Demand, 1996–2001
(At current prices)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | |||||||
| GDP at market prices | 4159.5 | 4369.3 | 4693.7 | 5018.7 | 5326.0 | 5767.9 | |
| Consumption | 3453.3 | 3706.1 | 4070.6 | 4185.5 | 4668.1 | 5046.9 | |
| Private | 2704.4 | 2884.5 | 3168.1 | 3325.2 | 3764.1 | 4030.1 | |
| Government | 748.9 | 821.6 | 902.5 | 860.3 | 904.0 | 1016.8 | |
| Investment | 926.4 | 864.3 | 974.8 | 969.9 | 1047.4 | 1082.8 | |
| Gross fixed-capital formation | 848.1 | 829.8 | 903.9 | 909.9 | 973.1 | 1012.8 | |
| Change in stocks | 78.3 | 34.5 | 70.9 | 60.0 | 74.3 | 70.0 | |
| Total domestic demand | 4379.7 | 4570.4 | 5045.4 | 5155.4 | 5715.5 | 6129.7 | |
| Foreign balance | -256.7 | -217.9 | -352.4 | -153.0 | -480.5 | -386.1 | |
| Exports of goods and NFS | 1952.1 | 2056.9 | 2041.6 | 2233.9 | 2550.0 | 2743.4 | |
| Imports of goods and NFS | 2208.8 | 2274.8 | 2394.0 | 2386.9 | 3030.5 | 3129.5 | |
| Statistical discrepancy | 36.5 | 16.8 | 0.7 | 16.3 | 91.0 | 24.3 | |
| Net factor income from abroad | 25.9 | 38.2 | 22.3 | 17.6 | 23.5 | 18.9 | |
| GNP at market prices | 4185.4 | 4407.5 | 4716.0 | 5036.3 | 5349.5 | 5786.8 | |
| (In percent of GDP) | |||||||
| Consumption | 83.0 | 84.8 | 86.7 | 83.4 | 87.6 | 87.5 | |
| Private | 65.0 | 66.0 | 67.5 | 66.3 | 70.7 | 69.9 | |
| Public | 18.0 | 18.8 | 19.2 | 17.1 | 17.0 | 17.6 | |
| Investment | 22.3 | 19.8 | 20.8 | 19.3 | 19.7 | 18.8 | |
| Gross fixed-capital formation | 20.4 | 19.0 | 19.3 | 18.1 | 18.3 | 17.6 | |
| Change in stocks | 1.9 | 0.8 | 1.5 | 1.2 | 1.4 | 1.2 | |
| Total domestic demand | 105.3 | 104.6 | 107.5 | 102.7 | 107.3 | 106.3 | |
| Foreign balance | -6.2 | -5.0 | -7.5 | -3.0 | -9.0 | -6.7 | |
| Exports of goods and NFS | 46.9 | 47.1 | 43.5 | 44.5 | 47.9 | 47.6 | |
| Imports of goods and NFS | 53.1 | 52.1 | 51.0 | 47.6 | 56.9 | 54.3 | |
| Statistical discrepancy | 0.9 | 0.4 | 0.0 | 0.3 | 1.7 | 0.4 | |
Cyprus: Aggregate Demand, 1996–2001
(At current prices)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | |||||||
| GDP at market prices | 4159.5 | 4369.3 | 4693.7 | 5018.7 | 5326.0 | 5767.9 | |
| Consumption | 3453.3 | 3706.1 | 4070.6 | 4185.5 | 4668.1 | 5046.9 | |
| Private | 2704.4 | 2884.5 | 3168.1 | 3325.2 | 3764.1 | 4030.1 | |
| Government | 748.9 | 821.6 | 902.5 | 860.3 | 904.0 | 1016.8 | |
| Investment | 926.4 | 864.3 | 974.8 | 969.9 | 1047.4 | 1082.8 | |
| Gross fixed-capital formation | 848.1 | 829.8 | 903.9 | 909.9 | 973.1 | 1012.8 | |
| Change in stocks | 78.3 | 34.5 | 70.9 | 60.0 | 74.3 | 70.0 | |
| Total domestic demand | 4379.7 | 4570.4 | 5045.4 | 5155.4 | 5715.5 | 6129.7 | |
| Foreign balance | -256.7 | -217.9 | -352.4 | -153.0 | -480.5 | -386.1 | |
| Exports of goods and NFS | 1952.1 | 2056.9 | 2041.6 | 2233.9 | 2550.0 | 2743.4 | |
| Imports of goods and NFS | 2208.8 | 2274.8 | 2394.0 | 2386.9 | 3030.5 | 3129.5 | |
| Statistical discrepancy | 36.5 | 16.8 | 0.7 | 16.3 | 91.0 | 24.3 | |
| Net factor income from abroad | 25.9 | 38.2 | 22.3 | 17.6 | 23.5 | 18.9 | |
| GNP at market prices | 4185.4 | 4407.5 | 4716.0 | 5036.3 | 5349.5 | 5786.8 | |
| (In percent of GDP) | |||||||
| Consumption | 83.0 | 84.8 | 86.7 | 83.4 | 87.6 | 87.5 | |
| Private | 65.0 | 66.0 | 67.5 | 66.3 | 70.7 | 69.9 | |
| Public | 18.0 | 18.8 | 19.2 | 17.1 | 17.0 | 17.6 | |
| Investment | 22.3 | 19.8 | 20.8 | 19.3 | 19.7 | 18.8 | |
| Gross fixed-capital formation | 20.4 | 19.0 | 19.3 | 18.1 | 18.3 | 17.6 | |
| Change in stocks | 1.9 | 0.8 | 1.5 | 1.2 | 1.4 | 1.2 | |
| Total domestic demand | 105.3 | 104.6 | 107.5 | 102.7 | 107.3 | 106.3 | |
| Foreign balance | -6.2 | -5.0 | -7.5 | -3.0 | -9.0 | -6.7 | |
| Exports of goods and NFS | 46.9 | 47.1 | 43.5 | 44.5 | 47.9 | 47.6 | |
| Imports of goods and NFS | 53.1 | 52.1 | 51.0 | 47.6 | 56.9 | 54.3 | |
| Statistical discrepancy | 0.9 | 0.4 | 0.0 | 0.3 | 1.7 | 0.4 | |
Cyprus: Origin of Gross Domestic Product, 1996–2001
Cyprus: Origin of Gross Domestic Product, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds at constant 1995 prices) | |||||||
| Primary sector | 209.3 | 185.0 | 200.0 | 221.4 | 203.2 | 215.8 | |
| Agriculture and hunting | 188.2 | 162.9 | 174.9 | 193.7 | 171.5 | 185.2 | |
| Fishing | 9.5 | 10.3 | 10.7 | 12.4 | 15.8 | 15.9 | |
| Mining | 11.6 | 11.8 | 14.4 | 15.3 | 15.9 | 14.7 | |
| Industry | 883.1 | 873.0 | 885.1 | 890.5 | 905.9 | 906.2 | |
| Manufacturing | 462.1 | 463.9 | 469.3 | 471.2 | 485.3 | 472.5 | |
| Electricity, gas, and water | 87.4 | 88.4 | 96.1 | 101.7 | 110.0 | 116.9 | |
| Construction | 333.6 | 320.7 | 319.7 | 317.6 | 310.6 | 316.8 | |
| Services | 2,729.6 | 2,857.6 | 3,026.4 | 3,189.7 | 3,411.7 | 3,578.5 | |
| Transport, storage and communications | 332.4 | 351.7 | 382.3 | 420.9 | 477.5 | 525.3 | |
| Trade, restaurants, and hotels | 857.9 | 884.6 | 941.9 | 981.6 | 1,050.4 | 1,092.4 | |
| Finance, insurance, and real estate | 731.1 | 770.6 | 816.1 | 868.2 | 927.6 | 971.1 | |
| Community, social, and personal | 256.5 | 275.7 | 287.1 | 301.5 | 321.9 | 337.5 | |
| Public administration | 533.9 | 555.4 | 577.3 | 593.7 | 606.7 | 619.7 | |
| Other | 17.8 | 19.6 | 21.7 | 23.8 | 27.6 | 32.5 | |
| Less imputed bank charges | 131.5 | 140.0 | 151.4 | 168.3 | 184.0 | 195.4 | |
| Plus import duties and VAT (net) | 391.2 | 404.1 | 428.6 | 456.8 | 487.4 | 512.1 | |
| GDP at constant 1995 prices | 4,081.7 | 4,179.7 | 4,388.7 | 4,590.1 | 4,824.2 | 5,017.2 | |
| (Annual percentage changes at constant 1995 prices) | |||||||
| Primary sector | -0.7 | -11.6 | 8.1 | 10.7 | 13.1 | 6.2 | |
| Agriculture | -0.9 | -12.4 | 7.2 | 11.0 | 10.1 | 7.4 | |
| Mining | 3.6 | 1.7 | 22.0 | 6.3 | 67.4 | -7.5 | |
| Industry | -0.3 | -1.1 | 1.4 | 0.6 | 31.1 | 0.0 | |
| Manufacturing | -1.5 | 0.4 | 1.2 | 0.4 | 34.6 | -2.6 | |
| Electricity, gas, and water | 6.3 | 1.1 | 8.7 | 5.8 | 17.6 | 6.3 | |
| Construction | -0.2 | -3.9 | -0.3 | -0.7 | 31.1 | 2.0 | |
| Services | 2.5 | 4.7 | 5.9 | 5.4 | 70.8 | 4.9 | |
| Transport, storage, and communications | 4.5 | 5.8 | 8.7 | 10.1 | 40.9 | 10.0 | |
| Trade, restaurants, and hotels | -0.2 | 3.1 | 6.5 | 4.2 | 42.9 | 4.0 | |
| Finance, insurance, and real estate | 4.3 | 5.4 | 5.9 | 6.4 | 42.0 | 4.7 | |
| Community, social and personal | 4.2 | 7.5 | 4.1 | 5.0 | 19.5 | 4.8 | |
| Public administration | 3.1 | 4.0 | 3.9 | 2.8 | 44.9 | 2.1 | |
| Other | 33.6 | 10.1 | 10.7 | 9.7 | -6.4 | 17.8 | |
| (Contribution to real GDP growth) | |||||||
| Primary sector | 0.0 | -0.6 | 0.4 | 0.5 | -0.4 | 0.3 | |
| Agriculture | 0.0 | -0.6 | 0.3 | 0.5 | 0.5 | 0.3 | |
| Mining | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Industry | -0.1 | -0.2 | 0.3 | 0.1 | 0.3 | 0.0 | |
| Manufacturing | -0.2 | 0.0 | 0.1 | 0.0 | 0.3 | -0.3 | |
| Electricity, gas, and water | 0.1 | 0.0 | 0.2 | 0.1 | 0.2 | 0.1 | |
| Construction | 0.0 | -0.3 | 0.0 | 0.0 | -0.2 | 0.1 | |
| Services | 1.3 | 3.1 | 4.0 | 3.7 | 4.8 | 3.5 | |
| Transport, storage, and communications | 0.4 | 0.5 | 0.7 | 0.9 | 1.2 | 1.0 | |
| Trade, restaurants, and hotels | 0.0 | 0.7 | 1.4 | 0.9 | 1.5 | 0.9 | |
| Finance, insurance, and real estate | 0.8 | 1.0 | 1.1 | 3.2 | 1.3 | 0.9 | |
| Community, social, and personal | 0.3 | 0.5 | 0.3 | 0.3 | 0.4 | 0.3 | |
| Public administration | 0.4 | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | |
| Other | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | |
Cyprus: Origin of Gross Domestic Product, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds at constant 1995 prices) | |||||||
| Primary sector | 209.3 | 185.0 | 200.0 | 221.4 | 203.2 | 215.8 | |
| Agriculture and hunting | 188.2 | 162.9 | 174.9 | 193.7 | 171.5 | 185.2 | |
| Fishing | 9.5 | 10.3 | 10.7 | 12.4 | 15.8 | 15.9 | |
| Mining | 11.6 | 11.8 | 14.4 | 15.3 | 15.9 | 14.7 | |
| Industry | 883.1 | 873.0 | 885.1 | 890.5 | 905.9 | 906.2 | |
| Manufacturing | 462.1 | 463.9 | 469.3 | 471.2 | 485.3 | 472.5 | |
| Electricity, gas, and water | 87.4 | 88.4 | 96.1 | 101.7 | 110.0 | 116.9 | |
| Construction | 333.6 | 320.7 | 319.7 | 317.6 | 310.6 | 316.8 | |
| Services | 2,729.6 | 2,857.6 | 3,026.4 | 3,189.7 | 3,411.7 | 3,578.5 | |
| Transport, storage and communications | 332.4 | 351.7 | 382.3 | 420.9 | 477.5 | 525.3 | |
| Trade, restaurants, and hotels | 857.9 | 884.6 | 941.9 | 981.6 | 1,050.4 | 1,092.4 | |
| Finance, insurance, and real estate | 731.1 | 770.6 | 816.1 | 868.2 | 927.6 | 971.1 | |
| Community, social, and personal | 256.5 | 275.7 | 287.1 | 301.5 | 321.9 | 337.5 | |
| Public administration | 533.9 | 555.4 | 577.3 | 593.7 | 606.7 | 619.7 | |
| Other | 17.8 | 19.6 | 21.7 | 23.8 | 27.6 | 32.5 | |
| Less imputed bank charges | 131.5 | 140.0 | 151.4 | 168.3 | 184.0 | 195.4 | |
| Plus import duties and VAT (net) | 391.2 | 404.1 | 428.6 | 456.8 | 487.4 | 512.1 | |
| GDP at constant 1995 prices | 4,081.7 | 4,179.7 | 4,388.7 | 4,590.1 | 4,824.2 | 5,017.2 | |
| (Annual percentage changes at constant 1995 prices) | |||||||
| Primary sector | -0.7 | -11.6 | 8.1 | 10.7 | 13.1 | 6.2 | |
| Agriculture | -0.9 | -12.4 | 7.2 | 11.0 | 10.1 | 7.4 | |
| Mining | 3.6 | 1.7 | 22.0 | 6.3 | 67.4 | -7.5 | |
| Industry | -0.3 | -1.1 | 1.4 | 0.6 | 31.1 | 0.0 | |
| Manufacturing | -1.5 | 0.4 | 1.2 | 0.4 | 34.6 | -2.6 | |
| Electricity, gas, and water | 6.3 | 1.1 | 8.7 | 5.8 | 17.6 | 6.3 | |
| Construction | -0.2 | -3.9 | -0.3 | -0.7 | 31.1 | 2.0 | |
| Services | 2.5 | 4.7 | 5.9 | 5.4 | 70.8 | 4.9 | |
| Transport, storage, and communications | 4.5 | 5.8 | 8.7 | 10.1 | 40.9 | 10.0 | |
| Trade, restaurants, and hotels | -0.2 | 3.1 | 6.5 | 4.2 | 42.9 | 4.0 | |
| Finance, insurance, and real estate | 4.3 | 5.4 | 5.9 | 6.4 | 42.0 | 4.7 | |
| Community, social and personal | 4.2 | 7.5 | 4.1 | 5.0 | 19.5 | 4.8 | |
| Public administration | 3.1 | 4.0 | 3.9 | 2.8 | 44.9 | 2.1 | |
| Other | 33.6 | 10.1 | 10.7 | 9.7 | -6.4 | 17.8 | |
| (Contribution to real GDP growth) | |||||||
| Primary sector | 0.0 | -0.6 | 0.4 | 0.5 | -0.4 | 0.3 | |
| Agriculture | 0.0 | -0.6 | 0.3 | 0.5 | 0.5 | 0.3 | |
| Mining | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Industry | -0.1 | -0.2 | 0.3 | 0.1 | 0.3 | 0.0 | |
| Manufacturing | -0.2 | 0.0 | 0.1 | 0.0 | 0.3 | -0.3 | |
| Electricity, gas, and water | 0.1 | 0.0 | 0.2 | 0.1 | 0.2 | 0.1 | |
| Construction | 0.0 | -0.3 | 0.0 | 0.0 | -0.2 | 0.1 | |
| Services | 1.3 | 3.1 | 4.0 | 3.7 | 4.8 | 3.5 | |
| Transport, storage, and communications | 0.4 | 0.5 | 0.7 | 0.9 | 1.2 | 1.0 | |
| Trade, restaurants, and hotels | 0.0 | 0.7 | 1.4 | 0.9 | 1.5 | 0.9 | |
| Finance, insurance, and real estate | 0.8 | 1.0 | 1.1 | 3.2 | 1.3 | 0.9 | |
| Community, social, and personal | 0.3 | 0.5 | 0.3 | 0.3 | 0.4 | 0.3 | |
| Public administration | 0.4 | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | |
| Other | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | |
Cyprus: Origin of Gross Domestic Product, 1996–2001
(At current prices)
Cyprus: Origin of Gross Domestic Product, 1996–2001
(At current prices)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | |||||||
| Primary sector | 200.4 | 189.1 | 213.0 | 218.7 | 212.1 | 234.4 | |
| Agriculture, forestry | 178.5 | 167.1 | 188.2 | 191.4 | 184.9 | 207.8 | |
| Fishing | 10.5 | 11.0 | 10.7 | 12.4 | 11.4 | 11.6 | |
| Mining and quarrying | 11.4 | 11.0 | 14.1 | 14.9 | 15.8 | 15.0 | |
| Secondary Sectors | 913.8 | 930.4 | 964.7 | 992.9 | 1047.5 | 1076.4 | |
| Manufacturing | 479.2 | 491.6 | 508.9 | 526.8 | 561.0 | 562.7 | |
| Electricity, gas, and water | 85.9 | 88.5 | 95.4 | 94.9 | 112.5 | 115.2 | |
| Construction | 348.7 | 350.3 | 360.4 | 371.2 | 374.0 | 398.5 | |
| Services | 2803.7 | 3041.2 | 3318.4 | 3617.5 | 3999.7 | 4292.4 | |
| Transport, storage, and communications | 336.3 | 359.3 | 399.9 | 446.2 | 494.5 | 557.8 | |
| Trade, restaurants and hotels | 862.7 | 918.5 | 1005.5 | 1069.1 | 1184.4 | 1267.7 | |
| Finance, insurance, estate, business | 756.1 | 825.1 | 896.1 | 1022.2 | 1132.4 | 1194.3 | |
| Community, social and personal services | 290.1 | 326.0 | 359.2 | 388.0 | 428.6 | 467.0 | |
| Government Services | 558.5 | 612.3 | 657.7 | 692.0 | 759.8 | 805.6 | |
| Less imputed bank service charges | 134.8 | 148.7 | 165.6 | 188.8 | 214.0 | 233.0 | |
| Plus import duties | 178.4 | 150.9 | 137.3 | 142.3 | 145.0 | 152.3 | |
| Plus value added tax, net | 198.0 | 206.4 | 225.8 | 236.1 | 296.6 | 344.7 | |
| GDP at current prices | 4159.5 | 4369.3 | 4693.6 | 5018.7 | 5486.9 | 5867.2 | |
| (Percentage share of GDP) | |||||||
| Primary sector | 4.8 | 4.3 | 4.5 | 4.4 | 3.9 | 4.0 | |
| Agriculture, forestry, and fishing | 4.5 | 4.1 | 4.2 | 4.1 | 3.6 | 3.7 | |
| Mining and quarrying | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |
| Secondary sector | 22.0 | 21.3 | 20.6 | 19.8 | 19.1 | 18.3 | |
| Manufacturing | 11.5 | 11.3 | 10.8 | 10.5 | 10.2 | 9.6 | |
| Construction | 2.1 | 2.0 | 2.0 | 1.9 | 2.1 | 2.0 | |
| Electricity, gas, and water | 8.4 | 8.0 | 7.7 | 7.4 | 6.8 | 6.8 | |
| Services | 67.4 | 69.6 | 70.7 | 72.1 | 72.9 | 73.2 | |
| Transport, storage, and communications | 8.1 | 8.2 | 8.5 | 8.9 | 9.0 | 9.5 | |
| Trade, restaurants and hotels | 20.7 | 21.0 | 21.4 | 21.3 | 21.6 | 21.6 | |
| Finance, insurance, estate, business | 18.2 | 18.9 | 19.1 | 20.4 | 20.6 | 20.4 | |
| Community, social and personal services | 7.0 | 7.5 | 7.7 | 7.7 | 7.8 | 8.0 | |
| Government Services | 13.4 | 14.0 | 14.0 | 13.8 | 13.8 | 13.7 | |
Cyprus: Origin of Gross Domestic Product, 1996–2001
(At current prices)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | |||||||
| Primary sector | 200.4 | 189.1 | 213.0 | 218.7 | 212.1 | 234.4 | |
| Agriculture, forestry | 178.5 | 167.1 | 188.2 | 191.4 | 184.9 | 207.8 | |
| Fishing | 10.5 | 11.0 | 10.7 | 12.4 | 11.4 | 11.6 | |
| Mining and quarrying | 11.4 | 11.0 | 14.1 | 14.9 | 15.8 | 15.0 | |
| Secondary Sectors | 913.8 | 930.4 | 964.7 | 992.9 | 1047.5 | 1076.4 | |
| Manufacturing | 479.2 | 491.6 | 508.9 | 526.8 | 561.0 | 562.7 | |
| Electricity, gas, and water | 85.9 | 88.5 | 95.4 | 94.9 | 112.5 | 115.2 | |
| Construction | 348.7 | 350.3 | 360.4 | 371.2 | 374.0 | 398.5 | |
| Services | 2803.7 | 3041.2 | 3318.4 | 3617.5 | 3999.7 | 4292.4 | |
| Transport, storage, and communications | 336.3 | 359.3 | 399.9 | 446.2 | 494.5 | 557.8 | |
| Trade, restaurants and hotels | 862.7 | 918.5 | 1005.5 | 1069.1 | 1184.4 | 1267.7 | |
| Finance, insurance, estate, business | 756.1 | 825.1 | 896.1 | 1022.2 | 1132.4 | 1194.3 | |
| Community, social and personal services | 290.1 | 326.0 | 359.2 | 388.0 | 428.6 | 467.0 | |
| Government Services | 558.5 | 612.3 | 657.7 | 692.0 | 759.8 | 805.6 | |
| Less imputed bank service charges | 134.8 | 148.7 | 165.6 | 188.8 | 214.0 | 233.0 | |
| Plus import duties | 178.4 | 150.9 | 137.3 | 142.3 | 145.0 | 152.3 | |
| Plus value added tax, net | 198.0 | 206.4 | 225.8 | 236.1 | 296.6 | 344.7 | |
| GDP at current prices | 4159.5 | 4369.3 | 4693.6 | 5018.7 | 5486.9 | 5867.2 | |
| (Percentage share of GDP) | |||||||
| Primary sector | 4.8 | 4.3 | 4.5 | 4.4 | 3.9 | 4.0 | |
| Agriculture, forestry, and fishing | 4.5 | 4.1 | 4.2 | 4.1 | 3.6 | 3.7 | |
| Mining and quarrying | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |
| Secondary sector | 22.0 | 21.3 | 20.6 | 19.8 | 19.1 | 18.3 | |
| Manufacturing | 11.5 | 11.3 | 10.8 | 10.5 | 10.2 | 9.6 | |
| Construction | 2.1 | 2.0 | 2.0 | 1.9 | 2.1 | 2.0 | |
| Electricity, gas, and water | 8.4 | 8.0 | 7.7 | 7.4 | 6.8 | 6.8 | |
| Services | 67.4 | 69.6 | 70.7 | 72.1 | 72.9 | 73.2 | |
| Transport, storage, and communications | 8.1 | 8.2 | 8.5 | 8.9 | 9.0 | 9.5 | |
| Trade, restaurants and hotels | 20.7 | 21.0 | 21.4 | 21.3 | 21.6 | 21.6 | |
| Finance, insurance, estate, business | 18.2 | 18.9 | 19.1 | 20.4 | 20.6 | 20.4 | |
| Community, social and personal services | 7.0 | 7.5 | 7.7 | 7.7 | 7.8 | 8.0 | |
| Government Services | 13.4 | 14.0 | 14.0 | 13.8 | 13.8 | 13.7 | |
Cyprus: Gross Manufacturing Output by Major Industries, 1996–2001
Cyprus: Gross Manufacturing Output by Major Industries, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | |
|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | ||||||
| Food, beverages, and tobacco | 467.0 | 487.7 | 511.8 | 534.1 | 577.6 | 608.0 |
| Textiles and textile products | 138.9 | 120.6 | 105.1 | 90.7 | 81.8 | 74.7 |
| Leather and leather products | 27.7 | 28.3 | 25.1 | 19.3 | 16.2 | 15.4 |
| Wood and wood products | 64.8 | 68.8 | 72.1 | 75.6 | 76.4 | 78.8 |
| Pulp; Paper and paper products, printing, and publishing | 87.1 | 92.2 | 93.6 | 95.9 | 103.6 | 110.1 |
| Refined petroleum products | 65.7 | 85.5 | 63.4 | 96.1 | 160.9 | 138.0 |
| Chemicals, chemical products and man-made fibres | 73.8 | 75.7 | 75.3 | 81.0 | 89.4 | 93.0 |
| Rubber and plastic products | 39.1 | 37.9 | 41.8 | 39.7 | 41.0 | 42.1 |
| Nonmetallic mineral products | 120.1 | 118.6 | 117.4 | 124.8 | 144.9 | 154.8 |
| Basic metals and fabricated metal products | 90.9 | 102.3 | 133.3 | 116.2 | 124.1 | 128.9 |
| Machinery and equipment | 31.2 | 29.8 | 29.7 | 30.6 | 34.0 | 35.1 |
| Electrical and optical equipment | 18.8 | 19.3 | 18.8 | 18.1 | 24.0 | 22.9 |
| Transport equipment | 9.4 | 9.2 | 10.0 | 10.9 | 12.5 | 13.4 |
| Manufacturing n.e.c. (including cottage industry) | 94.7 | 90.6 | 87.9 | 93.8 | 95.1 | 99.0 |
| Total | 1329.2 | 1366.5 | 1365.3 | 1426.8 | 1581.5 | 1614.2 |
| (In percent of total) | ||||||
| Food, beverages, and tobacco | 35.1 | 35.7 | 37.5 | 37.4 | 36.5 | 37.7 |
| Textiles and textile products | 10.4 | 8.8 | 7.7 | 6.4 | 5.2 | 4.6 |
| Leather and leather products | 2.1 | 2.1 | 1.8 | 1.4 | 1.0 | 1.0 |
| Wood and wood products | 4.9 | 5.0 | 5.3 | 5.3 | 4.8 | 4.9 |
| Pulp; Paper and paper products, printing, and publishing | 6.6 | 6.7 | 6.9 | 6.7 | 6.6 | 6.8 |
| Refined petroleum products | 4.9 | 6.3 | 4.6 | 6.7 | 10.2 | 8.5 |
| Chemicals, chemical products and man-made fibres | 5.6 | 5.5 | 5.5 | 5.7 | 5.7 | 5.8 |
| Rubber and plastic products | 2.9 | 2.8 | 3.1 | 2.8 | 2.6 | 2.6 |
| Basic metals and fabricated metal products | 6.8 | 7.5 | 8.3 | 8.1 | 7.8 | 8.0 |
| Mashinery and equipment | 2.3 | 2.2 | 2.2 | 2.1 | 2.1 | 2.2 |
| Electrical and optical equipment | 1.4 | 1.4 | 1.4 | 1.3 | 1.5 | 1.4 |
| Transport equipment | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 |
| Manufacturing n.e.c. (including cottage industry) | 7.1 | 6.6 | 6.4 | 6.6 | 6.0 | 6.1 |
Cyprus: Gross Manufacturing Output by Major Industries, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | |
|---|---|---|---|---|---|---|
| (In millions of Cyprus pounds) | ||||||
| Food, beverages, and tobacco | 467.0 | 487.7 | 511.8 | 534.1 | 577.6 | 608.0 |
| Textiles and textile products | 138.9 | 120.6 | 105.1 | 90.7 | 81.8 | 74.7 |
| Leather and leather products | 27.7 | 28.3 | 25.1 | 19.3 | 16.2 | 15.4 |
| Wood and wood products | 64.8 | 68.8 | 72.1 | 75.6 | 76.4 | 78.8 |
| Pulp; Paper and paper products, printing, and publishing | 87.1 | 92.2 | 93.6 | 95.9 | 103.6 | 110.1 |
| Refined petroleum products | 65.7 | 85.5 | 63.4 | 96.1 | 160.9 | 138.0 |
| Chemicals, chemical products and man-made fibres | 73.8 | 75.7 | 75.3 | 81.0 | 89.4 | 93.0 |
| Rubber and plastic products | 39.1 | 37.9 | 41.8 | 39.7 | 41.0 | 42.1 |
| Nonmetallic mineral products | 120.1 | 118.6 | 117.4 | 124.8 | 144.9 | 154.8 |
| Basic metals and fabricated metal products | 90.9 | 102.3 | 133.3 | 116.2 | 124.1 | 128.9 |
| Machinery and equipment | 31.2 | 29.8 | 29.7 | 30.6 | 34.0 | 35.1 |
| Electrical and optical equipment | 18.8 | 19.3 | 18.8 | 18.1 | 24.0 | 22.9 |
| Transport equipment | 9.4 | 9.2 | 10.0 | 10.9 | 12.5 | 13.4 |
| Manufacturing n.e.c. (including cottage industry) | 94.7 | 90.6 | 87.9 | 93.8 | 95.1 | 99.0 |
| Total | 1329.2 | 1366.5 | 1365.3 | 1426.8 | 1581.5 | 1614.2 |
| (In percent of total) | ||||||
| Food, beverages, and tobacco | 35.1 | 35.7 | 37.5 | 37.4 | 36.5 | 37.7 |
| Textiles and textile products | 10.4 | 8.8 | 7.7 | 6.4 | 5.2 | 4.6 |
| Leather and leather products | 2.1 | 2.1 | 1.8 | 1.4 | 1.0 | 1.0 |
| Wood and wood products | 4.9 | 5.0 | 5.3 | 5.3 | 4.8 | 4.9 |
| Pulp; Paper and paper products, printing, and publishing | 6.6 | 6.7 | 6.9 | 6.7 | 6.6 | 6.8 |
| Refined petroleum products | 4.9 | 6.3 | 4.6 | 6.7 | 10.2 | 8.5 |
| Chemicals, chemical products and man-made fibres | 5.6 | 5.5 | 5.5 | 5.7 | 5.7 | 5.8 |
| Rubber and plastic products | 2.9 | 2.8 | 3.1 | 2.8 | 2.6 | 2.6 |
| Basic metals and fabricated metal products | 6.8 | 7.5 | 8.3 | 8.1 | 7.8 | 8.0 |
| Mashinery and equipment | 2.3 | 2.2 | 2.2 | 2.1 | 2.1 | 2.2 |
| Electrical and optical equipment | 1.4 | 1.4 | 1.4 | 1.3 | 1.5 | 1.4 |
| Transport equipment | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 |
| Manufacturing n.e.c. (including cottage industry) | 7.1 | 6.6 | 6.4 | 6.6 | 6.0 | 6.1 |
Cyprus: Tourist Arrivals and Receipts, 1996–2001
Cyprus: Tourist Arrivals and Receipts, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Total arrivals | 1,950.0 | 2,088.0 | 2,222.7 | 2,434.3 | 2,686.2 | 2,696.7 |
| United Kingdom | 720.0 | 846.3 | 1,015.2 | 1,155.6 | 1,362.9 | 1,486.7 |
| Germany | 240.0 | 250.1 | 208.4 | 238.8 | 233.7 | 214.2 |
| Greece | 75.0 | 67.7 | 70.8 | 83.1 | 100.1 | 89.8 |
| Switzerland | 88.0 | 95.3 | 83.7 | 88.7 | 79.0 | 76.6 |
| Netherlands | 58.0 | 45.7 | 48.2 | 53.6 | 55.4 | 50.7 |
| Nordic countries | 235.0 | 225.0 | 242.4 | 265.3 | 264.2 | 270.8 |
| Russia and other ex-Soviet countries | 130.0 | 221.9 | 197.6 | 134.2 | 146.0 | 128.5 |
| (Changes in percent) | ||||||
| Total arrivals | -7.1 | 7.1 | 6.5 | 9.5 | 10.3 | 0.4 |
| United Kingdom | -15.3 | 17.5 | 20.0 | 13.8 | 17.9 | 9.1 |
| Germany | 2.1 | 4.2 | -16.7 | 14.6 | -2.1 | -8.3 |
| Greece | 15.4 | -9.7 | 4.6 | 17.4 | 20.5 | -10.3 |
| Switzerland | -20.0 | 8.3 | -12.2 | 6.0 | -10.9 | -3.0 |
| Netherlands | 0.0 | -21.2 | 5.5 | 11.2 | 3.4 | -8.5 |
| Nordic countries | 2.2 | -4.3 | 7.7 | 9.4 | -0.4 | 2.5 |
| Russia and other ex-Soviet countries | 36.8 | 70.7 | -11.0 | -32.1 | 8.8 | -12.0 |
| (In percent of total) | ||||||
| Total arrivals | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| United Kingdom | 36.9 | 40.5 | 45.7 | 47.5 | 50.7 | 55.1 |
| Germany | 12.3 | 12.0 | 9.4 | 9.8 | 8.7 | 7.9 |
| Greece | 3.8 | 3.2 | 3.2 | 3.4 | 3.7 | 3.3 |
| Switzerland | 4.5 | 4.6 | 3.8 | 3.6 | 2.9 | 2.8 |
| Netherlands | 3.0 | 2.2 | 2.2 | 2.2 | 2.1 | 1.9 |
| Nordic countries | 12.1 | 10.8 | 10.9 | 10.9 | 9.8 | 10.0 |
| Russia and other ex-Soviet countries | 6.7 | 10.6 | 8.9 | 5.5 | 5.4 | 4.8 |
| (In millions of Cyprus pounds at current prices) | ||||||
| Foreign exchange receipts from tourism | 780.0 | 843.0 | 878.0 | 1,025.0 | 1,194.0 | 1,293 |
Cyprus: Tourist Arrivals and Receipts, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Total arrivals | 1,950.0 | 2,088.0 | 2,222.7 | 2,434.3 | 2,686.2 | 2,696.7 |
| United Kingdom | 720.0 | 846.3 | 1,015.2 | 1,155.6 | 1,362.9 | 1,486.7 |
| Germany | 240.0 | 250.1 | 208.4 | 238.8 | 233.7 | 214.2 |
| Greece | 75.0 | 67.7 | 70.8 | 83.1 | 100.1 | 89.8 |
| Switzerland | 88.0 | 95.3 | 83.7 | 88.7 | 79.0 | 76.6 |
| Netherlands | 58.0 | 45.7 | 48.2 | 53.6 | 55.4 | 50.7 |
| Nordic countries | 235.0 | 225.0 | 242.4 | 265.3 | 264.2 | 270.8 |
| Russia and other ex-Soviet countries | 130.0 | 221.9 | 197.6 | 134.2 | 146.0 | 128.5 |
| (Changes in percent) | ||||||
| Total arrivals | -7.1 | 7.1 | 6.5 | 9.5 | 10.3 | 0.4 |
| United Kingdom | -15.3 | 17.5 | 20.0 | 13.8 | 17.9 | 9.1 |
| Germany | 2.1 | 4.2 | -16.7 | 14.6 | -2.1 | -8.3 |
| Greece | 15.4 | -9.7 | 4.6 | 17.4 | 20.5 | -10.3 |
| Switzerland | -20.0 | 8.3 | -12.2 | 6.0 | -10.9 | -3.0 |
| Netherlands | 0.0 | -21.2 | 5.5 | 11.2 | 3.4 | -8.5 |
| Nordic countries | 2.2 | -4.3 | 7.7 | 9.4 | -0.4 | 2.5 |
| Russia and other ex-Soviet countries | 36.8 | 70.7 | -11.0 | -32.1 | 8.8 | -12.0 |
| (In percent of total) | ||||||
| Total arrivals | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| United Kingdom | 36.9 | 40.5 | 45.7 | 47.5 | 50.7 | 55.1 |
| Germany | 12.3 | 12.0 | 9.4 | 9.8 | 8.7 | 7.9 |
| Greece | 3.8 | 3.2 | 3.2 | 3.4 | 3.7 | 3.3 |
| Switzerland | 4.5 | 4.6 | 3.8 | 3.6 | 2.9 | 2.8 |
| Netherlands | 3.0 | 2.2 | 2.2 | 2.2 | 2.1 | 1.9 |
| Nordic countries | 12.1 | 10.8 | 10.9 | 10.9 | 9.8 | 10.0 |
| Russia and other ex-Soviet countries | 6.7 | 10.6 | 8.9 | 5.5 | 5.4 | 4.8 |
| (In millions of Cyprus pounds at current prices) | ||||||
| Foreign exchange receipts from tourism | 780.0 | 843.0 | 878.0 | 1,025.0 | 1,194.0 | 1,293 |
Cyprus: Labor Force and Employment by Sector, 1996–2001
Includes employees of British military authorities and the national guard.
Cyprus: Labor Force and Employment by Sector, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| Total labor force | 305.6 | 307.1 | 310.6 | 317.9 | 321.8 | 326.2 | |
| Employed domestically | 285.5 | 285.6 | 288.3 | 294.5 | 301.4 | 307.1 | |
| Primary sectors | 29.3 | 26.8 | 26.7 | 26.2 | 25.8 | 25.3 | |
| Agriculture, forestry, and fishing | 28.6 | 26.2 | 26.1 | 25.6 | 25.2 | 24.7 | |
| Mining and quarrying | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |
| Industry | 70.9 | 69.1 | 67.2 | 65.7 | 64.7 | 65.6 | |
| Manufacturing | 42.2 | 40.8 | 39.6 | 38.0 | 36.7 | 37.2 | |
| Electricity, gas, and water | 1.4 | 1.4 | 1.5 | 1.5 | 1.5 | 1.5 | |
| Construction | 27.3 | 26.9 | 26.1 | 26.2 | 26.5 | 26.9 | |
| Services | 185.3 | 189.7 | 194.4 | 202.6 | 210.9 | 216.2 | |
| Trade, restaurants, hotels | 80.8 | 81.0 | 82.4 | 84.6 | 87.2 | 88.2 | |
| Transport, communications | 18.4 | 19.1 | 19.7 | 20.4 | 21.4 | 22.2 | |
| Finance, insurance, real estate | 25.3 | 26.1 | 27.5 | 29.8 | 30.9 | 31.1 | |
| Other services | 60.8 | 63.5 | 64.8 | 67.8 | 71.4 | 74.7 | |
| Employed abroad and other 1/ | 10.7 | 11.1 | 11.9 | 12.0 | 9.5 | 9.4 | |
| Unemployed | 9.4 | 10.4 | 10.4 | 11.4 | 10.9 | 9.7 | |
| (In percent of total) | |||||||
| Employed domestically | 93.4 | 93.0 | 92.8 | 92.6 | 93.7 | 94.1 | |
| Primary sector | 9.6 | 8.7 | 8.6 | 8.2 | 8.0 | 7.8 | |
| Agriculture, forestry, and fishing | 9.4 | 8.5 | 8.4 | 8.1 | 7.8 | 7.6 | |
| Mining and quarrying | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Industry | 23.2 | 22.5 | 21.6 | 20.7 | 20.1 | 20.1 | |
| Manufacturing | 13.8 | 13.3 | 12.7 | 12.0 | 11.4 | 11.4 | |
| Electricity, gas and water | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
| Construction | 8.9 | 8.8 | 8.4 | 8.2 | 8.2 | 8.2 | |
| Services | 60.6 | 61.8 | 62.6 | 63.7 | 65.5 | 66.3 | |
| Trade, restaurants, hotels | 26.4 | 26.4 | 26.5 | 26.6 | 27.1 | 27.0 | |
| Transport, storage, and communications | 6.0 | 6.2 | 6.3 | 6.4 | 6.7 | 6.8 | |
| Finance, insurance, real estate, business | 8.3 | 8.5 | 8.9 | 9.4 | 9.6 | 9.5 | |
| Other services | 19.9 | 20.7 | 20.9 | 21.3 | 22.2 | 22.9 | |
| Employed abroad and other 1/ | 3.5 | 3.6 | 3.8 | 3.8 | 3.0 | 2.9 | |
| Unemployed | 3.1 | 3.4 | 3.6 | 3.9 | 3.6 | 3.2 | |
| Memorandum items: | |||||||
| Percentage change in total labor force | 1.3 | 0.5 | 1.1 | 2.4 | 1.2 | 1.4 | |
| Percentage change in employment | 0.8 | 0.0 | 0.9 | 2.2 | 2.3 | 1.9 | |
Includes employees of British military authorities and the national guard.
Cyprus: Labor Force and Employment by Sector, 1996–2001
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| Total labor force | 305.6 | 307.1 | 310.6 | 317.9 | 321.8 | 326.2 | |
| Employed domestically | 285.5 | 285.6 | 288.3 | 294.5 | 301.4 | 307.1 | |
| Primary sectors | 29.3 | 26.8 | 26.7 | 26.2 | 25.8 | 25.3 | |
| Agriculture, forestry, and fishing | 28.6 | 26.2 | 26.1 | 25.6 | 25.2 | 24.7 | |
| Mining and quarrying | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |
| Industry | 70.9 | 69.1 | 67.2 | 65.7 | 64.7 | 65.6 | |
| Manufacturing | 42.2 | 40.8 | 39.6 | 38.0 | 36.7 | 37.2 | |
| Electricity, gas, and water | 1.4 | 1.4 | 1.5 | 1.5 | 1.5 | 1.5 | |
| Construction | 27.3 | 26.9 | 26.1 | 26.2 | 26.5 | 26.9 | |
| Services | 185.3 | 189.7 | 194.4 | 202.6 | 210.9 | 216.2 | |
| Trade, restaurants, hotels | 80.8 | 81.0 | 82.4 | 84.6 | 87.2 | 88.2 | |
| Transport, communications | 18.4 | 19.1 | 19.7 | 20.4 | 21.4 | 22.2 | |
| Finance, insurance, real estate | 25.3 | 26.1 | 27.5 | 29.8 | 30.9 | 31.1 | |
| Other services | 60.8 | 63.5 | 64.8 | 67.8 | 71.4 | 74.7 | |
| Employed abroad and other 1/ | 10.7 | 11.1 | 11.9 | 12.0 | 9.5 | 9.4 | |
| Unemployed | 9.4 | 10.4 | 10.4 | 11.4 | 10.9 | 9.7 | |
| (In percent of total) | |||||||
| Employed domestically | 93.4 | 93.0 | 92.8 | 92.6 | 93.7 | 94.1 | |
| Primary sector | 9.6 | 8.7 | 8.6 | 8.2 | 8.0 | 7.8 | |
| Agriculture, forestry, and fishing | 9.4 | 8.5 | 8.4 | 8.1 | 7.8 | 7.6 | |
| Mining and quarrying | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Industry | 23.2 | 22.5 | 21.6 | 20.7 | 20.1 | 20.1 | |
| Manufacturing | 13.8 | 13.3 | 12.7 | 12.0 | 11.4 | 11.4 | |
| Electricity, gas and water | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
| Construction | 8.9 | 8.8 | 8.4 | 8.2 | 8.2 | 8.2 | |
| Services | 60.6 | 61.8 | 62.6 | 63.7 | 65.5 | 66.3 | |
| Trade, restaurants, hotels | 26.4 | 26.4 | 26.5 | 26.6 | 27.1 | 27.0 | |
| Transport, storage, and communications | 6.0 | 6.2 | 6.3 | 6.4 | 6.7 | 6.8 | |
| Finance, insurance, real estate, business | 8.3 | 8.5 | 8.9 | 9.4 | 9.6 | 9.5 | |
| Other services | 19.9 | 20.7 | 20.9 | 21.3 | 22.2 | 22.9 | |
| Employed abroad and other 1/ | 3.5 | 3.6 | 3.8 | 3.8 | 3.0 | 2.9 | |
| Unemployed | 3.1 | 3.4 | 3.6 | 3.9 | 3.6 | 3.2 | |
| Memorandum items: | |||||||
| Percentage change in total labor force | 1.3 | 0.5 | 1.1 | 2.4 | 1.2 | 1.4 | |
| Percentage change in employment | 0.8 | 0.0 | 0.9 | 2.2 | 2.3 | 1.9 | |
Includes employees of British military authorities and the national guard.
Cyprus: Wage and Productivity Indicators, 1996–2001
(Percentage change over previous year)
Including basic wages or salaries, cost of living and other allowances, bonuses, gratuities, and payments in kind. Data exclude overtime payments and are gross of income tax and social security deductions.
Based on average earnings.
Deflated by the GDP deflator.
Cyprus: Wage and Productivity Indicators, 1996–2001
(Percentage change over previous year)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | |||
|---|---|---|---|---|---|---|---|---|
| Average wage 1/ | 6.1 | 6.8 | 5.2 | 4.8 | 7.2 | 5.0 | ||
| Of which: | ||||||||
| Agriculture | 5.8 | 5.0 | 3.9 | 4.0 | 6.7 | 4.0 | ||
| Manufacturing | 5.8 | 5.7 | 4.2 | 4.2 | 6.2 | 4.0 | ||
| Construction | 6.0 | 6.7 | 4.4 | 4.0 | 6.4 | 4.4 | ||
| Trade, restaurants, and hotels | 6.3 | 6.3 | 5.1 | 4.8 | 7.2 | 5.0 | ||
| Government | 5.8 | 8.2 | 6.0 | 4.7 | 8.1 | 5.0 | ||
| Output per person employed | 0.9 | 2.4 | 4.0 | 2.4 | 2.7 | 2.1 | ||
| Of which: | ||||||||
| Agriculture | 0.2 | -5.5 | 7.8 | 12.9 | -10.1 | 10.2 | ||
| Manufacturing | 2.7 | 3.8 | 4.2 | 4.6 | 6.6 | -3.9 | ||
| Construction | 1.3 | -2.4 | 2.7 | -1.0 | -3.3 | 0.5 | ||
| Trade, restaurants, and hotels | -2.5 | 2.9 | 4.7 | 1.5 | 3.8 | 0.5 | ||
| Memorandum items: | ||||||||
| Average real wage | ||||||||
| deflated by the CPI | 3.1 | 3.2 | 3.0 | 2.3 | 3.0 | 2.9 | ||
| Unit labor cost 2/ | 5.2 | 4.1 | 0.9 | 2.4 | 4.2 | 2.6 | ||
| Real unit labor cost 3/ | 2.2 | 1.5 | -1.4 | 0.3 | 0.1 | -0.2 | ||
Including basic wages or salaries, cost of living and other allowances, bonuses, gratuities, and payments in kind. Data exclude overtime payments and are gross of income tax and social security deductions.
Based on average earnings.
Deflated by the GDP deflator.
Cyprus: Wage and Productivity Indicators, 1996–2001
(Percentage change over previous year)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | |||
|---|---|---|---|---|---|---|---|---|
| Average wage 1/ | 6.1 | 6.8 | 5.2 | 4.8 | 7.2 | 5.0 | ||
| Of which: | ||||||||
| Agriculture | 5.8 | 5.0 | 3.9 | 4.0 | 6.7 | 4.0 | ||
| Manufacturing | 5.8 | 5.7 | 4.2 | 4.2 | 6.2 | 4.0 | ||
| Construction | 6.0 | 6.7 | 4.4 | 4.0 | 6.4 | 4.4 | ||
| Trade, restaurants, and hotels | 6.3 | 6.3 | 5.1 | 4.8 | 7.2 | 5.0 | ||
| Government | 5.8 | 8.2 | 6.0 | 4.7 | 8.1 | 5.0 | ||
| Output per person employed | 0.9 | 2.4 | 4.0 | 2.4 | 2.7 | 2.1 | ||
| Of which: | ||||||||
| Agriculture | 0.2 | -5.5 | 7.8 | 12.9 | -10.1 | 10.2 | ||
| Manufacturing | 2.7 | 3.8 | 4.2 | 4.6 | 6.6 | -3.9 | ||
| Construction | 1.3 | -2.4 | 2.7 | -1.0 | -3.3 | 0.5 | ||
| Trade, restaurants, and hotels | -2.5 | 2.9 | 4.7 | 1.5 | 3.8 | 0.5 | ||
| Memorandum items: | ||||||||
| Average real wage | ||||||||
| deflated by the CPI | 3.1 | 3.2 | 3.0 | 2.3 | 3.0 | 2.9 | ||
| Unit labor cost 2/ | 5.2 | 4.1 | 0.9 | 2.4 | 4.2 | 2.6 | ||
| Real unit labor cost 3/ | 2.2 | 1.5 | -1.4 | 0.3 | 0.1 | -0.2 | ||
Including basic wages or salaries, cost of living and other allowances, bonuses, gratuities, and payments in kind. Data exclude overtime payments and are gross of income tax and social security deductions.
Based on average earnings.
Deflated by the GDP deflator.
Cyprus: Price Indices, 2000–02 1/
The components of the CPI index in Cyprus changed in 2000.
Components may not sum to totals due to rounding.
Cyprus: Price Indices, 2000–02 1/
| Weights | 2000 | 2001 | 2002 | 2000 | 2001 | 2002 | |
|---|---|---|---|---|---|---|---|
| (Annual percentage change) | (Contribution to growth) 2/ | ||||||
| Food and non-alcoholic beverages | 18.2 | 5.5 | 4.1 | 4.6 | 1.0 | 0.7 | 0.9 |
| Alcoholic beverages and tobacco | 1.8 | 8.2 | 2.8 | 13.3 | 0.2 | 0.1 | 0.3 |
| Clothing and footwear | 8.2 | -0.5 | -6.8 | -3.5 | 0.0 | -0.5 | -0.3 |
| Housing, water, electricity and gas | 21.3 | 5.5 | 1.6 | 4.1 | 1.2 | 0.3 | 0.9 |
| Furnishings, household equipment and supplies | 7.1 | 1.5 | 0.1 | 0.8 | 0.1 | 0.0 | 0.1 |
| Health | 4.9 | 6.2 | 5.4 | 4.7 | 0.3 | 0.3 | 0.2 |
| Transport | 17.4 | 5.7 | 2.3 | 0.4 | 1.0 | 0.4 | 0.1 |
| Communication | 1.8 | -10.4 | 1.7 | -8.8 | -0.2 | 0.0 | -0.1 |
| Recreation and culture | 5.9 | -0.2 | -0.5 | 2.2 | 0.0 | 0.0 | 0.1 |
| Education | 2.3 | 3.9 | 4.6 | 5.7 | 0.1 | 0.1 | 0.1 |
| Restaurants and hotels | 6.1 | 5.8 | 6.0 | 4.0 | 0.4 | 0.4 | 0.3 |
| Miscellaneous goods and services | 5.0 | 4.2 | 4.0 | 5.5 | 0.2 | 0.2 | 0.3 |
| Total | 100.0 | 4.1 | 2.0 | 2.8 | 4.1 | 2.0 | 2.8 |
The components of the CPI index in Cyprus changed in 2000.
Components may not sum to totals due to rounding.
Cyprus: Price Indices, 2000–02 1/
| Weights | 2000 | 2001 | 2002 | 2000 | 2001 | 2002 | |
|---|---|---|---|---|---|---|---|
| (Annual percentage change) | (Contribution to growth) 2/ | ||||||
| Food and non-alcoholic beverages | 18.2 | 5.5 | 4.1 | 4.6 | 1.0 | 0.7 | 0.9 |
| Alcoholic beverages and tobacco | 1.8 | 8.2 | 2.8 | 13.3 | 0.2 | 0.1 | 0.3 |
| Clothing and footwear | 8.2 | -0.5 | -6.8 | -3.5 | 0.0 | -0.5 | -0.3 |
| Housing, water, electricity and gas | 21.3 | 5.5 | 1.6 | 4.1 | 1.2 | 0.3 | 0.9 |
| Furnishings, household equipment and supplies | 7.1 | 1.5 | 0.1 | 0.8 | 0.1 | 0.0 | 0.1 |
| Health | 4.9 | 6.2 | 5.4 | 4.7 | 0.3 | 0.3 | 0.2 |
| Transport | 17.4 | 5.7 | 2.3 | 0.4 | 1.0 | 0.4 | 0.1 |
| Communication | 1.8 | -10.4 | 1.7 | -8.8 | -0.2 | 0.0 | -0.1 |
| Recreation and culture | 5.9 | -0.2 | -0.5 | 2.2 | 0.0 | 0.0 | 0.1 |
| Education | 2.3 | 3.9 | 4.6 | 5.7 | 0.1 | 0.1 | 0.1 |
| Restaurants and hotels | 6.1 | 5.8 | 6.0 | 4.0 | 0.4 | 0.4 | 0.3 |
| Miscellaneous goods and services | 5.0 | 4.2 | 4.0 | 5.5 | 0.2 | 0.2 | 0.3 |
| Total | 100.0 | 4.1 | 2.0 | 2.8 | 4.1 | 2.0 | 2.8 |
The components of the CPI index in Cyprus changed in 2000.
Components may not sum to totals due to rounding.
Cyprus: Implicit Deflators, 1996–2001
(Annual percentage change)
Cyprus: Implicit Deflators, 1996–2001
(Annual percentage change)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| Consumption | 2.6 | 3.2 | 1.5 | 2.0 | 4.7 | 2.1 | |
| Private | 2.4 | 2.5 | 1.3 | 1.8 | 4.1 | 2.0 | |
| Public | 3.2 | 5.5 | 2.4 | 3.3 | 7.9 | 2.1 | |
| Investment | 2.5 | 2.6 | 1.0 | -2.0 | 6.6 | 4.7 | |
| Fixed capital | 2.6 | 2.5 | 0.9 | 2.1 | 2.3 | 2.6 | |
| Total domestic demand | 2.5 | 3.1 | 1.4 | 1.2 | 5.1 | 2.6 | |
| Exports | 0.3 | 4.5 | 1.7 | 2.9 | 4.4 | 3.5 | |
| Imports | 3.2 | 2.6 | -1.3 | 1.6 | 9.3 | 1.5 | |
| GDP at market prices | 1.9 | 2.6 | 2.3 | 2.1 | 4.1 | 2.8 | |
Cyprus: Implicit Deflators, 1996–2001
(Annual percentage change)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| Consumption | 2.6 | 3.2 | 1.5 | 2.0 | 4.7 | 2.1 | |
| Private | 2.4 | 2.5 | 1.3 | 1.8 | 4.1 | 2.0 | |
| Public | 3.2 | 5.5 | 2.4 | 3.3 | 7.9 | 2.1 | |
| Investment | 2.5 | 2.6 | 1.0 | -2.0 | 6.6 | 4.7 | |
| Fixed capital | 2.6 | 2.5 | 0.9 | 2.1 | 2.3 | 2.6 | |
| Total domestic demand | 2.5 | 3.1 | 1.4 | 1.2 | 5.1 | 2.6 | |
| Exports | 0.3 | 4.5 | 1.7 | 2.9 | 4.4 | 3.5 | |
| Imports | 3.2 | 2.6 | -1.3 | 1.6 | 9.3 | 1.5 | |
| GDP at market prices | 1.9 | 2.6 | 2.3 | 2.1 | 4.1 | 2.8 | |
Cyprus: Consolidated Central Government Budget, 1996–2001
(In millions of Cyprus pounds)
Euro-commercial paper.
Cyprus: Consolidated Central Government Budget, 1996–2001
(In millions of Cyprus pounds)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,323.7 | 1,375.0 | 1,473.9 | 1,591.0 | 1,865.6 | 2,073.1 | |||
| Current revenue | 1,320.5 | 1,372.8 | 1,472.3 | 1,589.5 | 1,862.4 | 2,069.8 | |||
| Tax revenue | 1,058.3 | 1,072.4 | 1,175.7 | 1,283.7 | 1,455.6 | 1,659.4 | |||
| Direct taxes | 353.1 | 374.4 | 421.7 | 494.0 | 558.1 | 659.4 | |||
| Indirect taxes | 507.6 | 491.6 | 534.1 | 562.8 | 653.6 | 722.0 | |||
| Social security contributions | 197.5 | 206.4 | 219.9 | 226.8 | 244.0 | 278.0 | |||
| Nontax | 262.3 | 300.4 | 296.6 | 305.8 | 406.8 | 410.4 | |||
| Capital revenue | 0.8 | 0.6 | 0.9 | 0.6 | 0.7 | 0.8 | |||
| Foreign grants | 2.4 | 1.6 | 0.7 | 0.9 | 2.5 | 2.5 | |||
| Expenditure | 1,465.8 | 1,606.2 | 1,731.5 | 1,792.3 | 2,016.0 | 2,239.7 | |||
| Current expenditure | 1,318.2 | 1,442.6 | 1,553.6 | 1,594.9 | 1,789.8 | 2,006.0 | |||
| Wages and salaries | 396.8 | 429.9 | 458.9 | 482.7 | 526.3 | 559.7 | |||
| Other goods and services | 111.5 | 131.8 | 141.1 | 148.2 | 160.9 | 182.4 | |||
| Subsidies | 46.5 | 36.3 | 33.9 | 39.0 | 79.5 | 91.1 | |||
| Interest payments | 221.7 | 230.0 | 269.2 | 285.0 | 311.8 | 330.0 | |||
| Social security payments | 217.8 | 235.0 | 253.5 | 273.0 | 304.2 | 318.8 | |||
| Other transfers | 210.6 | 252.9 | 281.3 | 310.3 | 347.2 | 395.7 | |||
| Other | 113.3 | 126.8 | 115.7 | 56.6 | 59.9 | 128.4 | |||
| Capital | 144.6 | 160.9 | 178.1 | 192.8 | 215.8 | 217.2 | |||
| Investment | 96.9 | 107.3 | 124.9 | 131.1 | 153.2 | 155.6 | |||
| Transfers | 47.7 | 53.7 | 53.2 | 61.8 | 62.5 | 61.7 | |||
| Net lending | 3.0 | 2.7 | -0.2 | 4.6 | 10.4 | 16.5 | |||
| Overall balance | -142.1 | -231.2 | -257.6 | -201.3 | -150.5 | -166.5 | |||
| Primary balance | 79.7 | -1.2 | 11.6 | 83.8 | 161.4 | 163.5 | |||
| Without intragovernmental interest | -4.8 | -97.0 | -97.8 | -36.1 | 30.3 | 37.0 | |||
| Financing | 142.1 | 231.3 | 257.6 | 201.3 | 150.5 | 166.5 | |||
| Domestic | 203.9 | 143.2 | 109.3 | 52.6 | 185.3 | 231.5 | |||
| Bank | 146.9 | 108.9 | 122.2 | -38.1 | 178.4 | 263.4 | |||
| Of which: Short-term | |||||||||
| borrowing from Central Bank | -104.4 | -19.2 | 106.4 | -207.3 | 396.8 | 418.7 | |||
| Nonbank | 57.0 | 34.3 | -12.9 | 90.7 | 6.9 | -31.9 | |||
| Foreign, net | -61.8 | 88.1 | 148.3 | 148.7 | -34.8 | -65.0 | |||
| Medium- and long-term | -41.4 | 95.9 | 187.1 | 138.9 | 19.8 | -69.7 | |||
| Amortization | -69.9 | -68.7 | -33.3 | -32.1 | -16.0 | -83.1 | |||
| Short-term foreign borrowing 1/ | -17.2 | -7.4 | -38.7 | 16.9 | -54.6 | 4.7 | |||
| Suppliers’ credits | -3.3 | -0.5 | -0.1 | 0.0 | 0.0 | 0.0 | |||
| Receipts | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Payments | -3.3 | -0.5 | -0.1 | 0.0 | 0.0 | 0.0 | |||
| Net IMF transactions | 0.0 | 0.0 | 0.0 | -7.1 | 0.0 | 0.0 | |||
Euro-commercial paper.
Cyprus: Consolidated Central Government Budget, 1996–2001
(In millions of Cyprus pounds)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,323.7 | 1,375.0 | 1,473.9 | 1,591.0 | 1,865.6 | 2,073.1 | |||
| Current revenue | 1,320.5 | 1,372.8 | 1,472.3 | 1,589.5 | 1,862.4 | 2,069.8 | |||
| Tax revenue | 1,058.3 | 1,072.4 | 1,175.7 | 1,283.7 | 1,455.6 | 1,659.4 | |||
| Direct taxes | 353.1 | 374.4 | 421.7 | 494.0 | 558.1 | 659.4 | |||
| Indirect taxes | 507.6 | 491.6 | 534.1 | 562.8 | 653.6 | 722.0 | |||
| Social security contributions | 197.5 | 206.4 | 219.9 | 226.8 | 244.0 | 278.0 | |||
| Nontax | 262.3 | 300.4 | 296.6 | 305.8 | 406.8 | 410.4 | |||
| Capital revenue | 0.8 | 0.6 | 0.9 | 0.6 | 0.7 | 0.8 | |||
| Foreign grants | 2.4 | 1.6 | 0.7 | 0.9 | 2.5 | 2.5 | |||
| Expenditure | 1,465.8 | 1,606.2 | 1,731.5 | 1,792.3 | 2,016.0 | 2,239.7 | |||
| Current expenditure | 1,318.2 | 1,442.6 | 1,553.6 | 1,594.9 | 1,789.8 | 2,006.0 | |||
| Wages and salaries | 396.8 | 429.9 | 458.9 | 482.7 | 526.3 | 559.7 | |||
| Other goods and services | 111.5 | 131.8 | 141.1 | 148.2 | 160.9 | 182.4 | |||
| Subsidies | 46.5 | 36.3 | 33.9 | 39.0 | 79.5 | 91.1 | |||
| Interest payments | 221.7 | 230.0 | 269.2 | 285.0 | 311.8 | 330.0 | |||
| Social security payments | 217.8 | 235.0 | 253.5 | 273.0 | 304.2 | 318.8 | |||
| Other transfers | 210.6 | 252.9 | 281.3 | 310.3 | 347.2 | 395.7 | |||
| Other | 113.3 | 126.8 | 115.7 | 56.6 | 59.9 | 128.4 | |||
| Capital | 144.6 | 160.9 | 178.1 | 192.8 | 215.8 | 217.2 | |||
| Investment | 96.9 | 107.3 | 124.9 | 131.1 | 153.2 | 155.6 | |||
| Transfers | 47.7 | 53.7 | 53.2 | 61.8 | 62.5 | 61.7 | |||
| Net lending | 3.0 | 2.7 | -0.2 | 4.6 | 10.4 | 16.5 | |||
| Overall balance | -142.1 | -231.2 | -257.6 | -201.3 | -150.5 | -166.5 | |||
| Primary balance | 79.7 | -1.2 | 11.6 | 83.8 | 161.4 | 163.5 | |||
| Without intragovernmental interest | -4.8 | -97.0 | -97.8 | -36.1 | 30.3 | 37.0 | |||
| Financing | 142.1 | 231.3 | 257.6 | 201.3 | 150.5 | 166.5 | |||
| Domestic | 203.9 | 143.2 | 109.3 | 52.6 | 185.3 | 231.5 | |||
| Bank | 146.9 | 108.9 | 122.2 | -38.1 | 178.4 | 263.4 | |||
| Of which: Short-term | |||||||||
| borrowing from Central Bank | -104.4 | -19.2 | 106.4 | -207.3 | 396.8 | 418.7 | |||
| Nonbank | 57.0 | 34.3 | -12.9 | 90.7 | 6.9 | -31.9 | |||
| Foreign, net | -61.8 | 88.1 | 148.3 | 148.7 | -34.8 | -65.0 | |||
| Medium- and long-term | -41.4 | 95.9 | 187.1 | 138.9 | 19.8 | -69.7 | |||
| Amortization | -69.9 | -68.7 | -33.3 | -32.1 | -16.0 | -83.1 | |||
| Short-term foreign borrowing 1/ | -17.2 | -7.4 | -38.7 | 16.9 | -54.6 | 4.7 | |||
| Suppliers’ credits | -3.3 | -0.5 | -0.1 | 0.0 | 0.0 | 0.0 | |||
| Receipts | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Payments | -3.3 | -0.5 | -0.1 | 0.0 | 0.0 | 0.0 | |||
| Net IMF transactions | 0.0 | 0.0 | 0.0 | -7.1 | 0.0 | 0.0 | |||
Euro-commercial paper.
Cyprus: Consolidated Central Government Budget, 1996–2001
(In percent of GDP)
Cyprus: Consolidated Central Government Budget, 1996–2001
(In percent of GDP)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31.8 | 31.5 | 31.4 | 31.7 | 34.0 | 35.3 | |||
| Current revenue | 31.8 | 31.4 | 31.4 | 31.7 | 33.9 | 35.3 | |||
| Tax revenue | 25.5 | 24.6 | 25.0 | 25.6 | 26.5 | 28.3 | |||
| Direct taxes | 8.5 | 8.6 | 9.0 | 9.8 | 10.2 | 11.2 | |||
| Indirect taxes | 12.2 | 11.3 | 11.4 | 11.2 | 11.9 | 12.3 | |||
| Social security contributions | 4.8 | 4.7 | 4.7 | 4.5 | 4.4 | 4.7 | |||
| Nontax | 6.3 | 6.9 | 6.3 | 6.1 | 7.4 | 7.0 | |||
| Capital revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Foreign grants | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Expenditure | 35.3 | 36.8 | 36.9 | 35.7 | 36.7 | 38.2 | |||
| Current expenditure | 31.7 | 33.0 | 33.1 | 31.8 | 32.6 | 34.2 | |||
| Wages and salaries | 9.5 | 9.8 | 9.8 | 9.6 | 9.6 | 9.5 | |||
| Other goods and services | 2.7 | 3.0 | 3.0 | 3.0 | 2.9 | 3.1 | |||
| Subsidies | 1.1 | 0.8 | 0.7 | 0.8 | 1.4 | 1.6 | |||
| Interest payments | 5.3 | 5.3 | 5.7 | 5.7 | 5.7 | 5.6 | |||
| Social security payments | 5.2 | 5.4 | 5.4 | 5.4 | 5.5 | 5.4 | |||
| Other transfers | 5.1 | 5.8 | 6.0 | 6.2 | 6.3 | 6.7 | |||
| Other | 2.7 | 2.9 | 2.5 | 1.1 | 1.1 | 2.2 | |||
| Capital | 3.5 | 3.7 | 3.8 | 3.8 | 3.9 | 3.7 | |||
| Investment | 2.3 | 2.5 | 2.7 | 2.6 | 2.8 | 2.7 | |||
| Transfers | 1.1 | 1.2 | 1.1 | 1.2 | 1.1 | 1.1 | |||
| Net lending | 0.1 | 0.1 | 0.0 | 0.1 | 0.2 | 0.3 | |||
| Overall balance | -3.4 | -5.3 | -5.5 | -4.0 | -2.7 | -2.8 | |||
| Primary balance | 1.9 | 0.0 | 0.2 | 1.7 | 2.9 | 2.8 | |||
| without intragovernmental interest | -0.1 | -2.2 | -2.1 | -0.7 | 0.6 | 0.6 | |||
Cyprus: Consolidated Central Government Budget, 1996–2001
(In percent of GDP)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31.8 | 31.5 | 31.4 | 31.7 | 34.0 | 35.3 | |||
| Current revenue | 31.8 | 31.4 | 31.4 | 31.7 | 33.9 | 35.3 | |||
| Tax revenue | 25.5 | 24.6 | 25.0 | 25.6 | 26.5 | 28.3 | |||
| Direct taxes | 8.5 | 8.6 | 9.0 | 9.8 | 10.2 | 11.2 | |||
| Indirect taxes | 12.2 | 11.3 | 11.4 | 11.2 | 11.9 | 12.3 | |||
| Social security contributions | 4.8 | 4.7 | 4.7 | 4.5 | 4.4 | 4.7 | |||
| Nontax | 6.3 | 6.9 | 6.3 | 6.1 | 7.4 | 7.0 | |||
| Capital revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Foreign grants | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Expenditure | 35.3 | 36.8 | 36.9 | 35.7 | 36.7 | 38.2 | |||
| Current expenditure | 31.7 | 33.0 | 33.1 | 31.8 | 32.6 | 34.2 | |||
| Wages and salaries | 9.5 | 9.8 | 9.8 | 9.6 | 9.6 | 9.5 | |||
| Other goods and services | 2.7 | 3.0 | 3.0 | 3.0 | 2.9 | 3.1 | |||
| Subsidies | 1.1 | 0.8 | 0.7 | 0.8 | 1.4 | 1.6 | |||
| Interest payments | 5.3 | 5.3 | 5.7 | 5.7 | 5.7 | 5.6 | |||
| Social security payments | 5.2 | 5.4 | 5.4 | 5.4 | 5.5 | 5.4 | |||
| Other transfers | 5.1 | 5.8 | 6.0 | 6.2 | 6.3 | 6.7 | |||
| Other | 2.7 | 2.9 | 2.5 | 1.1 | 1.1 | 2.2 | |||
| Capital | 3.5 | 3.7 | 3.8 | 3.8 | 3.9 | 3.7 | |||
| Investment | 2.3 | 2.5 | 2.7 | 2.6 | 2.8 | 2.7 | |||
| Transfers | 1.1 | 1.2 | 1.1 | 1.2 | 1.1 | 1.1 | |||
| Net lending | 0.1 | 0.1 | 0.0 | 0.1 | 0.2 | 0.3 | |||
| Overall balance | -3.4 | -5.3 | -5.5 | -4.0 | -2.7 | -2.8 | |||
| Primary balance | 1.9 | 0.0 | 0.2 | 1.7 | 2.9 | 2.8 | |||
| without intragovernmental interest | -0.1 | -2.2 | -2.1 | -0.7 | 0.6 | 0.6 | |||
Cyprus: Consolidated Central Government Budgets, 1996–2001
(In millions of Cyprus pounds)
Cyprus: Consolidated Central Government Budgets, 1996–2001
(In millions of Cyprus pounds)
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||
|---|---|---|---|---|---|---|---|
| Total revenue and grants | 1323.7 | 1375.0 | 1473.9 | 1591.0 | 1865.6 | 2073.1 | |
| Ordinary budget | 888.5 | 927.1 | 962.9 | 1028.2 | 1309.8 | 1472.4 | |
| Public loans fund | 2.7 | 2.9 | 3.3 | 2.6 | 2.7 | 3.1 | |
| Social insurance funds | 281.9 | 302.2 | 329.3 | 346.7 | 369.7 | 408.3 | |
| Sinking funds | 24.0 | 26.1 | 22.8 | 25.7 | 26.4 | 33.4 | |
| Defense funds | 108.0 | 116.7 | 155.7 | 187.9 | 157.0 | 156.1 | |
| Total expenditure and net lending | 1465.8 | 1606.2 | 1731.5 | 1792.3 | 2016.0 | 2239.7 | |
| Ordinary budget | 877.5 | 1199.3 | 1321.6 | 1419.7 | 1612.6 | 1734.3 | |
| Public loans fund | 0.3 | 0.3 | 3.0 | -0.2 | 4.2 | 6.4 | |
| Social insurance funds | 228.0 | 246.0 | 263.0 | 284.5 | 316.4 | 331.6 | |
| Cyprus grain | |||||||
| commission deficit | 27.7 | 16.7 | 12.9 | 20.3 | 23.0 | 39.1 | |
| Defense fund | 128.7 | 143.8 | 130.1 | 68.4 | 60.2 | 128.0 | |
| Adjustments to expenditure | |||||||
| and net lending | 0.6 | 0.1 | 0.9 | -0.4 | -0.3 | 0.3 | |
| Overall balance | -142.1 | -231.2 | -257.6 | -201.3 | -150.5 | -166.6 | |