Cyprus

Exposure to Russia will impact the recovery path

BB2

MEDIUM RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in Janvier 2024.

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GDP USD28.4bn (World ranking 106, World Bank 2022)
Population 1.3mn (World ranking 158, World Bank 2022)
Form of state Presidential Republic
Head of government Nicos Christodoulides (President)
Next elections 2026, Legislative
  • Solid recovery since 2013 financial crisis
  • Strong public finances, fiscal prudence should be maintained over the medium-term to lower the debt burden further
  • Large decline in NPL ratio
  • Private debt remains high, which can amplify financial risks
  • Structural reforms to unlock growth potential are needed
  • Despite out of the banking sector, NPLs remain in the economy and resolution is still slow

Trade structure by destination/origin

(% of total, annual 2022)

Exports Rank Imports
China, Hong Kong SAR 10.7%
1
23.4% Greece
Lebanon 7.5%
2
10.5% Italy
Greece 7.1%
3
8.0% China
Liberia 5.8%
4
7.4% Israel
United Kingdom 5.6%
5
5.3% Germany

Trade structure by product

(% of total, annual 2022)

Exports Rank Imports
Other transport equipment 33.3%
1
22.6% Petroleum, petroleum products and related materials
Petroleum, petroleum products and related materials 20.2%
2
12.6% Other transport equipment
Medicinal and pharmaceutical products 9.0%
3
5.5% Road vehicles
Dairy products and birds' eggs 7.0%
4
4.0% Medicinal and pharmaceutical products
Essential oils for perfume materials and cleaning preparations 3.1%
5
3.5% Electrical machinery, apparatus and appliances, n.e.s.
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