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Cyprus profile

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(Last updated: 10 Feb 2009)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Cyprus. This is regularly updated, and should be checked before planning travel.

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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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Political climate

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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