Economy in Cyprus

Cyprus - Economy is quite prosperous. 22% of the GDP is formed by the contribution of the industries. The industry employs 25% labor force. 8% of the GDP and 62% employment depend on the service sector. The purchasing power parity is $11.19 billion in the Greek Cypriot area and $9.75 billion in the Turkish Cypriot area.

According to the Cyprus - Economy the real growth rate of GDP is 2.4%. GDP per capita is $13500 in Greek Cypriot and $8000 in Turkish Cypriot. The inflation rate in Greek Cypriot is 3.5% and in Turkish Cypriot it is 87.5%. The unemployment rate in Turkish Cypriot is 6.4% and in Greek Cypriot it is 3.3%.

Economy in Cyprus is highly dependent on Government service and agriculture. The agricultural products are cotton, cereal grains, citrus, olives, potatoes, wine grapes and deciduous fruits, tobacco, vegetables, table grapes etc. Many people raise goats, sheep, hogs, poultry and cattle. Fishing industry has great contribution to the economy of Cyprus.

Economy in Cyprus is also dependent on tourism though it is hampered by the political unrest of the country. Mineral resources like gypsum, pyrites, copper, asbestos, chrome also play important role in the economy of Cyprus. Economy is more strong in the Greek Cypriot than in Turkish Cypriot.

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