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 General Information
Facts and Figures
DEMOGRAPHICS
    1992 1993 1994 1995
Population-total (de jure) (1000’s) 713,7 722,8 729,8 735,9
Population in government controlled areas (1000’s) 619,2 629,3 638,3 645,3
Population in urban areas (%) n.a. 68,0 68,2 68,5
Birth rate
(no of live births per 1000 population)		   18,6 16,8 16,4 15,4
Death rate
(no of deaths per 1000 population)		   8,5 7,7 7,8 7,7
Infant mortality
(no of deaths per 1000 live births)		   10,0 9,0 9,0 9,0
Life expectancy at birth
Males*		 (years) 74,6 74,6 74,6 74,6
Females* (years) 79,1 79,1 79,1 79,1
Persons aged 65+ as percent of population (%) 11,0 11,0 11,0 11,0
Dependency ratio** (%) 57,2 57,1 57,0 56,2
SELECTED ANNUAL GROWTH RATES change on previous year in %
  1992 1993 1994 1995
GD in current prices 15,9 5,2 10,0 8,0
GDP in constant prices 9,2 1,7 6,0 5,0
GNP per capital in current prices 12,4 3,0 7,9 6,7
Private final consumption 10,4 (0,4) 10,6 12,9
Government final consumption 19,7 (6,5) 10,1 6,9
Gross fixed capital formation 28,8 (11,4) 7,4 10,6
Total liquidity (M2) 13,9 16,4 12,8 11,1
Consumer price index 6.5 4,9 4,7 2,6
Productivity 5,1 1,6 4,1 2,7
Average rates of pay in real terms 3,8 4,4 2,9 3,9
NATIONAL ACCOUNTS in millions of C£ (current market prices)
Origin of Gross Domestic Product 1992 1993 1994 1995
Agriculture, forestry, fishing & hunting 177,6 183,8 177,8 204,0
Mining and quarrying 8,4 10,3 11,1 10,7
Manufacturing 416,9 418,3 443,5 459,2

* Refers to period 1987-1991
** Ratio of persons aged 0-14 and 65+ to persons aged 15-64.

  1992 1993 1994 1995
Electricity, gas and water 61,0 67,1 70,7 83,6
Construction 306,8 312,5 322,5 339,1
Wholesale and retail trade, restaurants and hotels 652,0 628,2 685,7 751,0
Transport, storage and communication 263,9 267,0 297,3 299,7
Finance, insurance, real es. and bus. services 484,1 503,3 567,3 628,8
Community, social and personal services 193,9 225,3 257,5 296,8
Total industries 2.564,6 2.615,8 2.842,1 3.072,9
Government services 371,3 424,1 467,5 502,7
Other producers 21,3 24,5 26,8 31,6
Sub-total 2.957,2 3.064,4 3.336,4 3.607,2
Less: imputed bank service charges 96,1 89,0 99,1 112,2
Plus: import duties 192,5 161,6 169,5 174,2
Plus: value added tax 36,5 112,3 168,6 191,5
Gross Domestic Product at market prices 3.090,1 3.249,3 3.575,4 3.860,7
Uses of Gross Domestic Product        
Government final consumption expenditure 590,7 552,5 608,1 650,0
Private final consumption expenditure 1.937,0 1.930,0 2.134,3 2,410,0
Gross capital formation 890,5 788,8 847,3 937,2
thereof: increase in stocks 94,6 47,6 106,3 150,0
gross fixed capital formation 795,9 741,2 741,0 787,2
Exports of goods and services 1.534,6 1.551,7 1.736,1 1.854,3
Less: imports of goods and services 1.881,9 1.562,1 1.755,5 1.979,0
Statistical discrepancy 19,2 (11,6) 5,1 (11,8)
Gross Domestic Product at current prices 3.090,1 3,249,3 3.575,4 3.860,7
Plus: Net factor income from abroad 38,9 43,4 34,4 36,7
Gross National Product at currentprices 3.129,0 3,292,7 3.609,8 3,897,4
Gross Dom. Product at const. Prices 1985 2.282,8 2.321,8 2.461,6 2.584,0
Gross Nat. Product at const. Prices 1985 2.311,5 2.352,8 2.485,2 2.608,6
Per capita/GNP at current prices (C£) 5.124,5 5,275,9 5.694,6 6.073,6
AGRICULTURE in millions of C£
Gross Agricultural Output 1992 1993 1994 1995
Agriculture and Livestock 262,3 273,6 271,2 300,7
thereof :        
Crop production 161,1 164,5 156,6 184,2
potatoes 23,1 24,0 26,6 41,4
citrus 17,3 15,0 12,9 15,3
grapes 14,5 15,6 11,9 14,9
Livestock production 101,3 109,1 114,6 116,5
Forestry 2,7 2,9 2,8 3,0
Fishing 10,0 10,4 11,9 12,9
Other 22,1 20,3 21,2 22,2
Total Agricultural output 297,1 307,2 307,1 338,8
MANUFACTURING in millions of C£
Gross Manufacturing Output 1992 1993 1994 1995
Food, beverages and tobacco 308,8 309,5 342,5 377,7
Textiles, wearing apparel and leather 239,5 186,7 177,3 174,9
Wood and wood products, including furniture 91,6 93,4 100,8 106,7
Paper and paper products, printing and publishing 69,9 69,1 76,1 82,3
Chemicals, petrochemical products, rubber and plastic products 150,4 154,9 175,1 178,7
Non-metallic mineral products 88,0 91,2 95,0 98,9
Metal products, machinery and equipment 131,8 129,3 134,7 140,5
Other manufacturing industries 28,8 28,9 31,0 30,5
Total Manufacturing Output 1.108,8 1.063,0 1.132,5 1.190,2
ENERGY 1.000s of metric tones
  1992 1993 1994 1995
Petroleum Products        
Production of petroleum products 694,0 751,0 864,0 796,0
Sales of petroleum products 1.744,0 1.775,0 1.837,0 1.842,0
         
Electricity        
Production of Electricity 2.404,2 2.581,1 2.681,0 2,473,0
Consumption of Electricity 1.752,9 1.911,2 2.031,8 2.180,9
CONSTRUCTION annual changes in %
  1992 1993 1994 1995
Quantity index of main materials 6,2 (2,7) 0,1 2,0
Labour cost index 10,5 11,3 7,0 8,4
Value of building permits authorised (3,0) 3,0 7,8 19,8
TOURISM per 1.000 persons
  1992 1993 1994 1995
Tourist arrivals (long-stay visitors) 1.991,0 1.841,0 2.069,0 2.100,0
of which from : United Kingdom 1.087,5 950,0 970,0 850,0
Greece 65,2 55,0 57,0 65,0
Germany 102,3 120,0 173,0 235,0
Scandinavian countries 240,1 163,3 205,0 230,0
Russia n.a. n.a. 60,0 85,0
Hotel capacity-including apartments (1000 beds) 69,8 73,7 76,1 78,3
Occupancy rates (%) 64,7 52,8 59,4 58,6
Earnings from tourism (C£ m) 696,0 698,3 812,5 812,9
Cypriot residents’ expenditure abroad (C£ m) 100,7 108,0 121,2 149,1
FOREIGN TRADE in millions of C£
  1992 1993 1994 1995
Total imports 1.653,4 1.316,1 1.482,2 1.670,4
Total exports 443,1 431,5 476,0 555,5
Of which: Domestic exports 213,5 199,9 211,6 231,9
Re-exports 182,9 187,0 221,2 277,9
Shipstores 46,7 44,6 43,2 45,7
Crude trade balance (1.210,3) (884,6) (1.006,2) (1.114,9)
Imports (cif) by geographical origin**        
European Union 787,8 714,1 780,8 862,8
Other Europe 106,6 117,2 113,4 132,9
Arab countries 54,0 44,1 48,0 48,6
Other countries 542,4 385,7 475,6 572,5
Of which: USA 125.1 117,0 153,2 217,4
Japan 156,8 102,2 100,9 111,7
Imports (cif) by economic destination        
Consumer goods 382,0 347,5 402,9 496,7
Intermediate inputs 579,4 508,2 563,5 612,6

* Figures include aircraft purchases valued at C£ 17,4mn in 1993
and military equipment valued at £ 162,6mn in 1992, C£ 55mn in 1993, C£ 64,4mn in 1994
and C£ 53,6mn in 1995.
* * Figures exclude aircraft purchases and military equipment.

  1992 1993 1994 1995
Capital goods 168,1 136,6 171,7 179,4
Transport equipment and parts 234,1 141,2 155,8 199,6
Fuels and lubricants 127,0 127,5 123,8 128,4
Military equipment 162,6 55,0 64,4 53,6

IMPORTS BY GEOGRAPHICAL ORIGIN 1995

  • European Union 53,3%
  • Other Europe 8,2%
  • Arab Countries 3,0%
  • Other Countries 35,4%

EXPORTS BY GEOGRAPHICAL DESTINATION 1995

  • European Union 60,8%
  • Other Europe 12,1%
  • Arab Countries 18,0%
  • Other Countries 9,1%
DOMESTIC EXPORTS-FOB (excl. shipstores)
by geographical destination
  1992 1993 1994 1995
European Union countries 134,3 114,4 114,6 140,9
Other Europe 18,5 18,0 26,8 28,1
Arab countries 52,2 46,0 47,0 41,8
Other countries 18,8 21,4 23,1 21,1
of which:        
USA 3,7 3,8 3,4 3,6
Japan 0,4 0,6 0,4 0,7
DOMESTIC EXPORTS-FOB (excl. shipstores) by economic sector
  1992 1993 1994 1995
Agricultural Products 39,2 43,3 47,2 70,1
of which:Potatoes 11,4 20,1 23,7 43,1
Citrus 16,1 13,5 13,8 16,8
Grapes 3,5 3,3 2,3 2,4
Fresh vegetables 2,9 2,5 3,2 2,7
Manufactured products 172,1 154,3 161,7 159,1
of which:        
Clothing 64,5 51,0 44,5 44,2
Footwear 10,3 8,3 6,3 4,3
Cement 6,2 5,8 11,2 7,8
Cigarettes 13,6 7,0 2,7 2,1
Pharmaceuticals 11,6 13,0 16,3 17,8
Travel goods 3,4 2,6 1,5 0,2
Chemicals and Toiletries 17,4 18,0 22,6 24,6
Processed fruit 6,4 6,1 9,2 9,4
Wine and alcoholic beverages 7,3 5,3 8,5 9,6
Minerals* 2,1 2,2 2,6 2,6
BALANCE OF PAYMENTS in millions of C£
  1992 1993 1994 1995
Trade Balance ** (1,092,4) (795,8) (897,6) (989,2)
Invisible Balance 800,4 845,5 929,1 886,4
Invisible Receipts 1.301,4 1.326,1 1.463,0 1.506,0
Invisible Payments (501,0) (480,6) (533,9) (619,6)

* including industrial products of mineral origin
** including aircraft and military equipment.

  1992 1993 1994 1995
Current Account Balance (292,0) 49,7 31,5 (102,8)
Net Capital Movement 114,3 (21,6) 37,5 30,7
Short-term Capital 45,9 (31,6) 63,2 6,7
Long-term Loans 26,0 (26,2) (60,5) (27,8)
Other Private long-term Capital 42,4 36,2 34,8 51,8
Net Errors and Omissions 44,2 22,7 (3,0) (38,1)
Overall Balance (133,5) 50,8 66,0 (110,2)
Foreign exchange reserves (Gross) 1.139,5 1.345,6 1.563,2 1.861,4
FOREIGN EXCHANGE RATES per C£ -average selling rates-
  1992 1993 1994 1995
Pound Sterling 1,2604 1,3356 1,3264 1,3983
US dollar 2,2188 2,0058 2,0327 2,2071
Deutsche Mark 3,4564 3,3158 3,2893 3,1595
European Currency Unit 1,7114 1,7149 1,7139 1,7093
SDR Rate 1,5743 1,4405 1,4207 1,4574
PUBLIC DEBT & FISCAL ACCOUNTS in millions of C£
  1992 1993 1994 1995
Domestic Debt 1.071,2 1.286,2 1.397,1 1.580,3
thereof:        
short-term 769,1 939,6 991,8 1.134,8
long-term 302,1 346,6 405,3 445,5
Foreign Debt 670,7 632,6 558,3 485,1
thereof:        
short term 114,2 111,4 149,4 137,3
long-term 551,7 516,4 404,1 343,0
IMF 4,8 4,8 4,8 4,8
Net Total Debt 1.741,9 1.918,8 1.955,4 2.065,4
in % of GDP 56,4 59,1 54,7 53,5
Foreign Debt service ratio (%) 8,5 8,6 8,4 5,4
Intragovenmental Debt 743,0 866,6 1.006,8 1.150,9
Total Public Debt 2,484,9 2.785,4 2.962,2 3.216,3
in % of GDP 80,4 85,7 82,8 83,3
FISCAL ACCOUNTS consolidated
  1992 1993 1994 1995
Total Revenue and Grants 874,9 991,8 1.144,3 1.270,5
Direct taxes 227,0 252,5 305,2 328,3
of which :        
Income Tax 147,7 167,1 209,1 226,7
  1992 1993 1994 1995
Indirect taxes 333,5 384,6 454,2 513,1
of which :        
Import duty 98,8 74,5 81,2 86,2
Excise taxes 95,6 89,3 102,7 118,5
Value added tax 36,5 112,3 168,5 191,9
Social Security Contributions 131.8 154,7 168,9 181,0
Other Revenues 180,9 196,3 212,0 244,5
Grants 1,7 3,7 4,0 3,6
Total Expenditure and Net Lending 1.023,2 1.068,9 1.196,1 1.310,4
Current Expenditure 906,8 945,3 1.063,7 1.152,9
of which:        
Wages and salaries 278,9 306,0 354,3 374,7
Current transfers 106,1 130,5 156,3 183,4
Subsidies 30,5 34,8 28,3 37,7
Interest payments (local & foreign) 143,3 162,7 185,4 201,1
Social security payments 129,6 159,1 176,9 191,5
Capital Expenditure 101,4 109,0 128,4 152,9
of which:        
Investment 85,0 90,6 100,2 96,4
Capital transfers 16,4 18,4 28,2 56,5
Net lending 15,0 14,6 4,0 4,6
Fiscal deficit (-)/surplus (+) (148,3) (77,1 (51,8) (39,9)
in % of GDP (4,8) (2,4) (1,4) (1,0)
MONETARY DATA (END PERIOD) in millions of C£
  1992 1993 1994 1995
Money supply (M1) 504,0 548,4 575,7 613,3
Total Liquidity (M23) 2.576,2 2.999,3 3.383,0 3.759,7
Total Bank Credit* 2.317,4 2.606,7 2.955,7 3.279,7
of which:        
Agriculture 69,9 80,5 82,5 80,8
Manufacturing 345,5 370,3 395,8 408,0
Trade 589,2 632,8 716,4 843,8
Building/ construction 371,4 442,0 501,4 491,1
Personal and professional 592,3 692,0 791,8 944,5
Tourism 235,1 267,6 323,8 361,3
Total Bank Deposits 3.314,8 3.870,8 4,371,5 4.962,6
Local Currency Deposits 2,463,4 2.911,8 3.297,1 3.702,2
Foreign Currency Deposits 851,4 959,0 1.074,4 1.260,4
Liquidity ratio (weekly averages) 26,7 29,6 30,2 26,0
Interest rates-lending** 9,0 9,0 8,5 8,5
LABOUR MARKET in 1000s of persons
  1992 1993 1994 1995
Gainfully employed population 266,8 267,1 272,0 278,0
Economically active population 286,8 288,5 293,5 299,7
Registered unemployed 5,2 7,6 8,0 7,9
Unemployment rate (%) 1,8 2,6 2,7 2,6
WAGES AND PRICES Index changes in %
  1992 1993 1994 1995
Average rates of pay in real terms 3,8 4,4 2,9 3,9
Average earnings in real terms 3,0 4,0 1,7 3,3
Consumer prices-total 6,5 4,9 4,7 2,6
thereof:        
Food, beverages and tobacco