The 2008 CIA World Factbook. United States. Central Intelligence Agency

during the period of 2000–06, well above the EU average. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.5% in 2007. As in the area administered by Turkish Cypriots, 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 2001–04 alleviating immediate concerns. Rainfall in 2005 and 2006, however, was well below average, making water rationing a necessity in 2007.

      GDP (purchasing power parity):

      $21.4 billion (2007 est.)

      GDP (official exchange rate):

      $21.3 billion (2007 est.)

      GDP - real growth rate:

      4.4% (2007 est.)

      GDP - per capita (PPP):

      $27,100 (2007 est.)

      GDP - composition by sector:

      agriculture: 2.7% industry: 19.2% services: 78% (2007 est.)

      Labor force:

      393,000 (2007 est.)

      Labor force - by occupation:

      agriculture: 8.5% industry: 20.5% services: 71% (2006 est.)

      Unemployment rate:

      3.9% (2007 est.)

      Population below poverty line:

      NA%

      Household income or consumption by percentage share:

      lowest 10%: NA% highest 10%: NA%

      Distribution of family income - Gini index:

      29 (2005)

      Investment (gross fixed):

      20.8% of GDP (2007 est.)

      Budget:

      revenues:: $9.996 billion expenditures:: $9.304 billion (2007 est.)

      Fiscal year:

      calendar year

      Public debt:

      59.6% of GDP (2007 est.)

      Inflation rate (consumer prices):

      2.4% (2007 est.)

      Central bank discount rate:

      5% (31 December 2007)

      Commercial bank prime lending rate:

      6.74% (31 December 2007)

      Stock of money:

      $4.094 billion note: see entry for the European Union for money supply in the Euro Area; the European Central Bank (ECB) controls monetary policy for the 15 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders (31 December 2007)

      Stock of quasi money:

      $43.93 billion (31 December 2007)

      Stock of domestic credit:

      $52.09 billion (31 December 2007)

      Agriculture - products:

      citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese

      Industries:

      tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products

      Industrial production growth rate:

      3.8% (2007 est.)

      Electricity - production:

      4.52 billion kWh (2007 est.)

      Electricity - consumption:

      4.151 billion kWh (2006 est.)

      Electricity - exports:

      0 kWh (2007 est.)

      Electricity - imports:

      0 kWh (2007 est.)

      Electricity - production by source:

      fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)

      Oil - production:

      0 bbl/day (2008 est.)

      Oil - consumption:

      57,830 bbl/day (2006 est.)

      Oil - exports:

      0 bbl/day (2005)

      Oil - imports:

      55,970 bbl/day (2005)

      Oil - proved reserves:

      NA

      Natural gas - production:

      0 cu m (2007 est.)

      Natural gas - consumption:

      NA

      Natural gas - exports:

      0 cu m (2007 est.)

      Natural gas - imports:

      NA

      Natural gas - proved reserves:

      0 cu m (1 January 2006)

      Current account balance:

      -$2.144 billion (2007 est.)

      Exports:

      $1.495 billion f.o.b. (2007 est.)

      Exports - commodities:

      citrus, potatoes, pharmaceuticals, cement, and clothing

      Exports - partners:

      Greece 21.1%, UK 14.3%, Germany 6.6% (2007)

      Imports:

      $7.84 billion f.o.b. (2007 est.)

      Imports - commodities:

      consumer goods, petroleum and lubricants, intermediate goods, machinery, transport equipment

      Imports - partners:

      Greece 17.7%, Italy 10.2%, UK 9.6%, Germany 9.4%, Israel 6.5%,

       France 5.4%, China 5.3%, Netherlands 4.1% (2007)

      Economic aid - donor:

      $25.9 million (2006)

      Economic aid - recipient:

      $15 million (2006)

      Reserves of foreign exchange and gold:

      $6.507 billion (31 December 2007 est.)

      Debt - external:

      $26.97 billion (31 December 2007 est.)

      Stock of direct foreign investment - at home:

      $13.36 billion (2007 est.)

      Stock of direct foreign investment - abroad:

      $5.419 billion (2007 est.)

      Market value of publicly traded shares:

      $48.2 billion (2005)

      Currency (code):

      Cypriot pound (CYP); euro (EUR) after 1 January 2008

      Currency code:

      CYP; TRL

      Exchange