Back Οικονομία της Τουρκικής Δημοκρατίας της Βόρειας Κύπρου Greek Economía de Chipre del Norte Spanish Հյուսիսային Կիպրոսի տնտեսություն Armenian Економија на Северен Кипар Macedonian Economia da República Turca de Chipre do Norte Portuguese Экономика Турецкой Республики Северного Кипра Russian Kuzey Kıbrıs Türk Cumhuriyeti ekonomisi Turkish

Economy of Northern Cyprus

Economy of Northern Cyprus
Kyrenia is the second economic center of Northern Cyprus
CurrencyTurkish lira (₺) (TRY)
Calendar year
Trade organisations
OTS (observer), ECO (observer)
Country group
Developing country
Statistics
GDPIncrease $4.459 billion (nominal, 2022)[1]
GDP rank149th (nominal, if ranked according to the IMF 2022)
GDP growth
Increase 13.3% (2022)[1]
GDP per capita
Increase $14,636 (Nominal, 2022)[1]
Decrease 94.5% (2022)[1]
Labour force
Increase 125,739 (2020)[2]
UnemploymentPositive decrease 9% (2022)[1]
Average gross salary
44,150₺ / 1075 £ / 1370$ (per month, 2024)[3]
38,490₺ / 940£ / 1190$ (per month, 2024)[4]
Main industries
agriculture, industry, construction, tourism, education,
External
ExportsIncrease $145 million (2022)[5]
Export goods
Dairy products, raw and processed citrus, rakı, scrap, chicken, potatoes
Main export partners
 Turkey,  Organization of Turkic States [6]
ImportsIncrease$1.572 billion (2022)[7]
Main import partners
 Turkey,  European Union

All values, unless otherwise stated, are in US dollars.

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%.[8] 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.

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.[9][10] Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%,[11] down from 8.3% in 2014.[12] The inflation rate in June 2015 was at 3.18%.[13][12][14]

  1. ^ a b c d e "KKTC" (PDF). www.ticaret.gov.tr. 2022 (PDF). Retrieved 2023-09-13. {{cite web}}: Check |archive-url= value (help)CS1 maint: url-status (link)
  2. ^ "CSGB".
  3. ^ "Average Gross" (PDF).
  4. ^ "Average Net" (PDF).
  5. ^ "Raporu" (PDF) (in Turkish). TRNC Central Bank. pp. 9–10. Retrieved 29 July 2015.
  6. ^ "Stats" (PDF). ticaret.gov.ct.tr. 2023. Retrieved May 23, 2024.
  7. ^ "Ocak" (PDF). ticaret.gov.ct.tr. 2018. Retrieved 2020-05-26.
  8. ^ CIA - The World Factbook - Cyprus: scroll down to section entitled Economy of the area administered by Turkish Cypriots
  9. ^ "KKTC" (in Turkish). Turkish Ministry of Economy. Retrieved 28 July 2015.
  10. ^ "Political deal may boost Cypriot economy". Daily Sabah. Retrieved 28 July 2015.
  11. ^ "KKTC'de işsizlik %7.4". Kıbrıs. Retrieved 6 June 2016.
  12. ^ a b "En yüksek işsizlik oranı Güzelyurt'ta" (in Turkish). Kıbrıs Postası. Retrieved 29 July 2015.
  13. ^ "2008=100 TEMEL YILI TÜKETİCİ FİYATLARI ENDEKSİNİN 2015 HAZİRAN AYI SONUÇLARI" (PDF). State Planning Organization. Archived from the original (PDF) on 24 February 2016. Retrieved 29 July 2015.
  14. ^ Cite error: The named reference socin2 was invoked but never defined (see the help page).

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