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Memo Provided By: Globaledge.Msu.Edu and EXPORT.GOV Cyprus Introduction Key Economic Facts Risk Assessment (Provided by Coface) Cyprus is an island country in the Middle East in the Eastern Income Level (by per capita High Income Country rating: A4 - A somewhat shaky political and Mediterranean Sea. Nearby countries include Turkey, Syria, GNI): economic outlook and a relatively volatile business and Lebanon. Geographically, Cyprus is a central plain with Level of Development: Developed environment can affect corporate payment behavior. mountains to the north and south. The GDP, PPP (current international $36.95 billion (2019) government system is a republic; the chief $): Corporate default probability is still acceptable on average. of state and head of government is the GDP growth (annual %): 3.08% (2019) Business Climate rating: A3 - The business environment president. Cyprus has a market economy GDP per capita, PPP (current $41,254.40 (2019) is relatively good. Although not always available, corporate system in which the prices of goods and international $): financial information is usually reliable. Debt collection and services are determined in a free price system. Cyprus is a Manufacturing, value added (% 5.38% (2019) the institutional framework may have some shortcomings. member of the European Union (EU). of GDP): Current account balance (BoP, -$1.65 billion (2019) Intercompany transactions may run into occasional current US$): difficulties in the otherwise secure environments rated A3. Inflation, consumer prices 0.25% (2019) Strengths (annual %): • Central geographical location between Europe, Asia Labor force, total: 632,970 (2020) Unemployment, total (% of 7.23% (2020) and Africa favours the transhipment industry total labor force) (modeled ILO • Offshore finance hub estimate): • Rich, unexploited offshore natural gas deposits Imports of goods and services $18.20 billion (2019) (current US$): • Skilled, English-speaking workforce Location: Western Asia Exports of goods and services $17.93 billion (2019) • Relatively successful pandemic management Capital City: Nicosia (+2 GMT) (current US$): Weaknesses Chief of State: President Nicos Anastasiades • Divided territory, increasingly tense geopolitical Head of Govt.: President Nicos Anastasiades neighborhood Currency: Euro (EUR) GDP Composition % Agriculture Services Industry Manufacturing • Small domestic market, isolated from the rest of Major Languages: <p>Greek (official) 80.9%, Turkish (official) 0.2%, English 4.1%, Europe 73 Romanian 2.9%, Russian 2.5%, • Highly dependent on Russia and the UK as export Bulgarian 2.2%, Arabic 1.2%, Filipino 13 1.1%, other 4.3%, unspecified 2 5 markets and sources of financing (Brexit risk) 0.6%</p> *Although Manufacturing is included in the Industry figures, it is also separately • Slow legal process, poor enforcement of contracts Primary Religions: <p>Orthodox Christian 89.1%, Roman reported because it plays a critical role in economy. • Heavy debt load for the state, banks, companies, and Catholic 2.9%, Protestant/Anglican Rankings 2%, Muslim 1.8%, Buddhist 1%, other households (includes Maronite, Armenian Church, Index Rank • Weak industrial diversification (tourism, construction, Hindu) 1.4%, unknown 1.1%, Corruption Perceptions Index 41 / 180 none/atheist 0.6%&nbsp;(2011 natural gas, finance) est.)</p> Global Competitiveness Index 44 / 141 U.S. Embassy Calling Code: 357 Global Enabling Trade Index 47 / 136 Voltage: 240 Index of Economic Freedom 44 / 179 U.S. Embassy Nicosia International Logistics Performance Index (LPI) 45 / 160 Metochiou & Ploutarchou Street Key Websites Inward FDI Potential Index 47 / 139 2407, Engomi KOF Index of Globalization 14 / 185 Nicosia, Cyprus Main Government Page: cyprus.gov.cy Networked Readiness Index (NRI) 40 / 139 Phone: 357-22-393939 Commerce Ministry: mcit.gov.cy Investment Promotion investcyprus.org.cy https://cy.usembassy.gov Agency: Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.
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