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Country facts
| Capital city: |
Nicosia |
| Surface area: |
9251 sq km |
| Population: |
0.8 million |
| Official language(s): |
Greek, Turkish |
| Head of State and Government: |
H.E. President Mr Demetris Cristofias |
| Australian exports to Cyprus: |
A$13 million |
| Australian imports from Cyprus: |
A$10 million |
| Cyprus' principal export destinations: |
Greece, UK, Germany |
| Cyprus' principal import sources: |
Greece, Italy, UK | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Economic climate
Cyprus has maintained good economic growth in past years with a focus on tourism, construction and services, however, these sectors are likely to suffer significantly during the global economic crisis, resulting in a fall in growth.
Key economic indicators and statistics for 2008:
- GDP – US$25.6 billion
- GDP per capita – US$32,195
- Real GDP growth – 3.4 per cent
- Inflation – 4.4 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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The Government of the Republic of Cyprus comprises an executive President - who is directly elected for a five-year term - and a unicameral legislative arm, the House of Representatives. The current President, Mr Demetris Cristofias, was elected in February 2008. The President appoints the Council of Ministers, who may not be members of the House of Representatives.
The Republic of Cyprus became a member of the European Union on 1 May 2004 and a member of the Eurozone on 1 January 2008. The country also maintains good links with Russia and Eastern Bloc countries.
The country has been divided since 1974 into the Republic of Cyprus and the Turkish Republic of Northern Cyprus (currently recognised only by Turkey). Reunification discussions are continuing.
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Trade relations and statistics
Major Australian exports to Cyprus (2007-08):
- Medicaments (including veterinary) –A$1 million
- Electrical circuits equipment – A$1 million
- Household-type equipment – A$1 million
- Optical goods – A$1 million
Major Australian imports from Cyprus (2007-08):
- Pharmaceutical products (excluding medicaments) – A$4 million
- Cheese and curd – A$2 million
- Medicaments (including veterinary) – A$1 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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