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.
Swipe to view more
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 |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Cyprus/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- 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
![Weaknesses](/en_global/economic-research/country-reports/Cyprus/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- 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
Economic Overview
Trade structure by destination/origin
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
China, Hong Kong SAR
10.7%
![]() |
1 |
![]() |
Lebanon
7.5%
![]() |
2 |
![]() |
Greece
7.1%
![]() |
3 |
![]() |
Liberia
5.8%
![]() |
4 |
![]() |
United Kingdom
5.6%
![]() |
5 |
![]() |
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.
|
Contacts
Read our latest reports
-
Americas
-
Europe
-
Asia Pacific
-
Middle East
-
Africa