Although its share in the GDP is decreasing from year to year it is still of major importance especially as far as its contribution to GDP, employment, exports and supply of raw materials to industry are concerned. The ECJ decision resulted in a considerable decrease of Turkish-Cypriot exports to the EU - from US$36.4 million (or 66.7% of total Turkish-Cypriot exports) in 1993 to US$13.8 million in 2003 (or 28% of total exports)-. The Turkish Republic of Northern Cyprus is dominated by the services sector which includes the public sector, trade, tourism, and education. At that same period it was responsible for 17.7 percent of goods and services imported by Cyprus. Under a July 2006 agreement, Ankara is to provide Northern Cyprus with an economic aid in the amount of $1.3 billion over three years (2006–2008).The tourism sector of Northern Cyprus has seen high levels of constant growth. North Cyprus State Planning Organisation (SPO) Economic Developments in North Cyprus: 1994-1999 [] [] [] [][Employement] [Public Finance] [Foreign Trade] [Balance of Payments] [Economic Sectors] I. Overvaluation of the Cypriot pound prior to the adoption of the euro in 2008 had kept inflation in check. Because the de facto administration is recognized only by Turkey, it has had much difficulty arranging foreign financing, and foreign firms have hesitated to invest there. Casino tourism has also grown to become a significant contribution to the economy in Northern Cyprus. The nominal GDP growth rates of the TRNC economy in 2001-2005 were 5.4%, 6.9%, 11.4%, 15.4% and 10.6%, respectively.The growth was further buoyed by the arrival of North European Home Buyers, investing in holiday villas. Both commercial banks and cooperatives will be overseen by the The economy of Turkish-occupied northern Cyprus is about one-fifth the size of the economy of the government-controlled area, while GDP per capita is around half. Since gaining independence from the United Kingdom in 1960, Cyprus has had a record of successful economic performance, reflected in strong growth, full employment conditions and relative stability. Manufacturing, construction, distribution and other services are the major employers. Some other important names in this regard are UK and Italy. Economy of Northern Cyprus: | The economy of |Northern Cyprus| is dominated by the services sector (69% of GDP in 2007)... World Heritage Encyclopedia, the aggregation of the largest online encyclopedias available, and the most definitive collection ever assembled. Over the same period, per capita income almost doubled reaching US$7,350 at the end of 2004, compared with US$4,409 in 2002. The agricultural sector is one of the key sectors of the economy in North Cyprus.
North Cyprus Home Page is a compedium of information, a comprehensive web guide to the beautiful Mediterranean island republic of North Cyprus, packed with info on activities that you can enjoy on your holiday in North Cyprus, accommodation, history, general info, sailing, history and mythology, property, holidays, news, environment section and much more Total Turkish assistance to North Cyprus since 1974 is estimated to exceed US$3 billion. With over 2 million tourist arrivals per year, it is the 40th most popular destination in the world. Traditionally Greece has been a major export and import partner of Cyprus. The number of tourists had doubled since 2006, which saw 570,000 tourists. Because the The tourism sector also contributes substantially into the economy. Agriculture is still important in the North Cyprus economy where the main products are citrus fruits, grapes and vine products, potatoes, and other vegetables. Northern Cyprus economy. Northern Cyprus's economy operates on a free-market basis, with a significant portion of administration costs funded by Turkey.
Raw citrus by itself constituted 19.1% of all exports.Below is a table showing the distribution of exports of Northern Cyprus by goods: