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21.04.2017 - 19: 00

The economic profile of Cyprus

Cyprus historically due to its geographical position is a transit point for goods from Europe and the Middle East. In this case, the Republic of Cyprus itself has to import a large amount of goods and raw materials, as in the country there is practically no industry, and the agricultural sector has been steadily declining.

In recent years, Cyprus 20 most rapidly developing service sector. To date, its main elements are tourism, transport and communications, trade, banking, insurance, audit and accounting, real estate, public administration, business services, and legal services.

The major imports are cars, machine tools, industrial machinery, electrical appliances and consumer goods. Cyprus produces little, so import volumes are always exceed exports. The main countries that supply goods to Cyprus: Greece (by a wide margin from the other), Germany, Italy, UK, France and China. In the last year Cyprus has bought vehicles in the amount of € 1,77 billion (including cars, planes and ships).

In second place - € 960,8 million spent on mineral raw materials (which include natural resources, including gas and oil, and derivatives of them are asphalt, concrete, cement, and chemical products); and the third - the food and drinks on the import of which has been spent € 600,9 million.

Official figures for January - November 2016 years: total imports € 5,345 billion, up € 650,5 million more than the same period of 2015 years. This, among other things, indicates an increase in the purchasing power of the population, the economic situation stabilized. However, the export volume decreased: in 2016, the Cypriots have exported goods and services worth € 1,57 billion, up € 387 million less than in the same period of 2015 years.

For Cyprus, the main markets are the United Kingdom and Greece. Other countries come with a large margin; Among them are leading the Czech Republic, Slovakia, Germany, France and Romania.

The main item of export is still the same mineral raw materials (€ 452,4 million), followed by chemical products - € 300 million (this includes pharmaceutical products, and finished products from aluminum) and production engineering industry. For the most part, these figures - the result of re-exports. The share of the Cyprus livestock and finished agricultural products account for € 163,5 million, local foods and beverages exported to € 114 million.

A significant part of the income in the international exchange of Cyprus is re-exports (re-exports). The subject can be re-export oil, natural gas, rubber, ferrous metals, wool, leather, foodstuffs. Goods can be re-exported in unchanged form or after minor processing (e.g., sorting and repackaging), excluding recycle.

The key to the economy of Cyprus has traditionally been the sphere of tourism and shipping. Although since the beginning of the year 2017, in connection with the privatization of the Limassol port, shipping companies operating the port, seriously concerned about rising prices and disruptions in port services.

A source: Successful business

Tags: Cyprus Economy