Flag description: white with a copper-colored silhouette of the island (the name Cyprus is derived from the Greek word for copper) above two green crossed olive branches in the center of the flag; the branches symbolize the hope for peace and reconciliation between the Greek and Turkish communities note: bottom between which is a red crescent and red star on a white field
Economy Cyprus
Economy - overview: Economic affairs are affected by the division of the country. The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates in the 1990s reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. As in the Turkish sector, water shortages are a perennial problem; a few desalination plants are now online. The Turkish Cypriot economy has less than one-half the per capita GDP of the south. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing, and foreign firms have hesitated to invest there. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. To compensate for the economy's weakness, Turkey provides substantial direct and indirect aid to tourism, education, industry, etc.
GDP: Greek Cypriot area: purchasing power parity - $9.1 billion (2001 est.); Turkish Cypriot area: purchasing power parity - $1.1 billion (2000 est.)
GDP - real growth rate: Greek Cypriot area: 2.6% (2001 est.); Turkish
Cypriot area: 0.8% (2000 est.)
GDP - per capita: Greek Cypriot area: purchasing power parity - $15,000 (2001 est.); Turkish Cypriot area: purchasing power parity - $7,000 (2000 est.)
GDP - composition by sector: Greek Cypriot area: agriculture 4.6%, industry 19.9%, services 75.5% (2001); Turkish Cypriot area: agriculture 8.3%, industry 20.7%, services 71.0% (2000)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): Greek Cypriot area: 1.9% (2001 est.);
Turkish Cypriot area: 53.2% (2000 est.)