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The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus. [9] [10] Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%, [11] down from 8.3% in 2014. [12] The inflation rate in June 2015 was at 3.18%.
The economy of Cyprus is a high-income economy as classified by the World Bank, [ 3] and was included by the International Monetary Fund in its list of advanced economies in 2001. [ 1][ 2] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
Northern Cyprus, [ a] officially the Turkish Republic of Northern Cyprus ( TRNC ), [ b] is a de facto state [ 6][ 7] that comprises the northeastern portion of the island of Cyprus. It is recognised only by Turkey, and its territory is considered by all other states to be part of the Republic of Cyprus . Northern Cyprus extends from the tip of ...
The contributions made by the World Bank to the Northern Cyprus consist of guidelines and detailed reports about its economy. The SABER (Systems Approach for Better Educational Results) report focused on three main points: strategic framework, system oversight, and service delivery. The Turkish Cypriot community scored 2.5, 2.0, and 1.9 ...
North Nicosia is the financial and economic centre of Northern Cyprus. In 2012, Lefkoşa District had 39.9% of the workplaces and 49.5% of the employees in Northern Cyprus. [57] The Central Bank of Northern Cyprus is located on the Bedrettin Demirel Avenue. [58]
Famagusta is an important commercial hub of Northern Cyprus. The main economic activities in the city are tourism, education, construction and industrial production. It has a 115-acre free port, which is the most important seaport of Northern Cyprus for travel and commerce.
Euro. The northern part of Cyprus is legally part of the EU, but law is suspended due to it being under the control of the Turkish Republic of Northern Cyprus, which the EU does not recognise. The North uses the Turkish lira instead of the euro, although the euro circulates alongside the lira and other currencies.
Turkish economic crisis (2018–current) Turkish lira. Categories: Northern Cyprus. Economy of Cyprus. Economy by state with limited recognition. Economies of Asia by country. Economies of Europe by country. Economy of the Middle East.