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in economic

       conditions in Western Europe. Economic policy is focused on meeting

       the criteria for admission to the EU. EU-driven tax reforms in 2003

       have introduced fiscal imbalances, which, coupled with a sluggish

       tourism sector, have resulted in growing fiscal deficits. As in the

       Turkish sector, water shortages are a perennial problem; a few

       desalination plants are now on-line. After 10 years of drought, the

       country received substantial rainfall from 2001–03, alleviating

       immediate concerns. The Turkish Cypriot economy has roughly

       one-third of the per capita GDP of the south. Because it is

       recognized only by Turkey, it has had much difficulty arranging

       foreign financing and investment. 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 grants and loans to support economic development. Ankara

       provided $200 million in 2002 and pledged $450 million for the

       2003–05 period. Future events throughout the island will be highly

       influenced by the outcome of negotiations on the UN-sponsored

       agreement to unite the Greek and Turkish areas.

      GDP:

       Republic of Cyprus: purchasing power parity - $14.82 billion (2003

       est.); north Cyprus: purchasing power parity - $1.217 billion (2003

       est.)

      GDP - real growth rate:

       Republic of Cyprus: 1.9% (2003 est.); north Cyprus: 2.6% (2003 est.)

      GDP - per capita:

       Republic of Cyprus: purchasing power parity - $19,200 (2003 est.);

       north Cyprus: purchasing power parity - $5,600 (2003 est.)

      GDP - composition by sector: Republic of Cyprus: agriculture 4.1%; industry 20.3%; services 75.6% north Cyprus: agriculture 10.6%; industry 20.5%; services 68.9% (2003)

      Investment (gross fixed):

       19.9% of GDP (2003)

      Population below poverty line:

       NA

      Household income or consumption by percentage share:

       lowest 10%: NA

       highest 10%: NA

      Inflation rate (consumer prices):

       Republic of Cyprus: 4.1% (2003 est.); north Cyprus: 12.6% (2003

       est.)

      Labor force:

       330,000 Republic of Cyprus: 306,000; north Cyprus: 95,025 (2003)

      Labor force - by occupation:

       Republic of Cyprus: services 75.6%, industry 19.4%, agriculture

       4.9% (2003); north Cyprus: services 68.9%, industry 20.5%,

       agriculture 10.6% (2003)

      Unemployment rate:

       Republic of Cyprus: 3.4%; north Cyprus: 5.6% (2003 est.)

      Budget:

       revenues: Republic of Cyprus - $3.971 billion, north Cyprus -

       $231.3 million (2002 est.)

       expenditures: $4.746 billion, Republic of Cyprus - $539 million,

       including capital expenditures of $539 million, north Cyprus -

       $432.8 million, including capital expenditures of NA (2003)

      Public debt:

       62.3% of GDP (2003)

      Agriculture - products:

       potatoes, citrus, vegetables, barley, grapes, olives, vegetables,

       poultry, pork, lamb, kids, dairy

      Industries:

       food, beverages, textiles, chemicals, metal products, tourism, wood

       products

      Industrial production growth rate:

       Republic of Cyprus: −0.6% (2002); north Cyprus: −0.3% (2003)

      Electricity - production:

       3.401 billion kWh; north Cyprus: NA kWh (2001)

      Electricity - consumption:

       Republic of Cyprus: 3.163 billion kWh; north Cyprus: NA kWh (2001)

      Electricity - exports:

       0 kWh (2001)

      Electricity - imports:

       0 kWh (2001)

      Oil - production:

       0 bbl/day (2001 est.)

      Oil - consumption:

       49,000 bbl/day (2001 est.)

      Oil - exports:

       NA (2001)

      Oil - imports:

       NA (2001)

      Current account balance:

       $-545 million (2003)

      Exports:

       Republic of Cyprus: $1.054 billion f.o.b. north Cyprus: $46 million

       f.o.b. (2003 est.)

      Exports - commodities:

       Republic of Cyprus: citrus, potatoes, pharmaceuticals, cement,

       clothing and cigarettes; north Cyprus: citrus, potatoes, textiles

      Exports - partners:

       UK 32.1%, Greece 9.2%, Lebanon 3.5% (2003)

      Imports:

       Republic of Cyprus: $4.637 billion f.o.b.; north Cyprus: $301

       million f.o.b. (2003 est.)

      Imports - commodities:

       Republic of Cyprus: consumer goods, petroleum and lubricants,

       intermediate goods, machinery, transport equipment; north Cyprus:

       food, minerals, chemicals, machinery

      Imports - partners:

       Greece 11.9%, Italy 9.8%, UK 8.3%, Germany 7.5%, Japan 5.6%, France

       5.1%, China 4.9%, US 4.2%, Spain 4% (2003)

      Reserves of foreign exchange & gold:

       $3.453 billion (2003)

      Debt - external:

       Republic of Cyprus: $8.85 billion; north Cyprus: NA (2003)

      Economic aid - recipient:

       Republic of Cyprus - $17 million (1998); north Cyprus - $700

       million from Turkey in grants and loans (1990–97), which are usually

       forgiven (1998)

      Currency:

       Republic of Cyprus: Cypriot pound (CYP); north Cyprus: Turkish lira

       (TRL)

      Currency code:

       CYP; TRL

      Exchange rates:

       Cypriot pounds per US dollar - 0.5174 (2003), 0.6107 (2002), 0.6431

       (2001), 0.6224 (2000), 0.5429 (1999), Turkish lira per US dollar

       1.505 million (2003), 1.507 million (2002), 1,225,590 (2001),

       625,218 (2000), 418,783 (1999)

      Fiscal year:

      

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