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Country Commercial Guides FY 2000: Cyprus Report prepared by U.S. Embassy Nicosia, released July 1999 Note*

X. APPENDICES

A. COUNTRY DATA

The following statistics concern the government-controlled area of Cyprus, unless otherwise noted. Source: Government of Cyprus Department of Statistics and the Central Bank.

-- Population (1998): 661,500 in Republic of Cyprus area (in the northern part of the island, according to unofficial sources, the population is around 204,200)
-- Population Growth Rate: 1.3 percent
-- Religion(s): Greek Orthodox, Muslim, Maronite, Roman Catholic
-- Government System: Democratic, elected president
-- Languages: Greek, Turkish, English
-- Work Week: Government: 7:30 AM to 2:30 PM
Offices: 8:00 AM to 5:30 PM with a lunch-break from 1:00 PM to 2:30 PM
Shops: Same as offices in the winter but in the summer 8:00 AM to 7:00 PM with a three-hour siesta from 1:00-4:00 PM

B. DOMESTIC ECONOMY

(in USD million, except where noted)
---------------------------------------------------------
Item                         1998   1999(proj.) 2000(est.)
---------------------------------------------------------
GDP			    8,974.7	8,907.0	 9,300.0
Real GDP Growth (pct)	        5.0	    4.0	     4.0
GDP per capita (USD)	   13,604.0    13,330.0	13,777.0
Govt. Spending (pct of GDP)    37.2	   38.7	    38.0
Inflation (pct)			2.2	    2.0	     3.0
Unemployment			3.3	    3.1	     3.0 
Foreign Exch. Reserves	    5,060.0	5,540.0	 6,000.0
Average Exchange Rate
--  (USD 1.00 = CP)             0.52        0.55     0.53
Foreign Debt (CP)	      570.0	  559.0	   600.0
Debt Service Ratio (pct)	8.0	    6.7	     8.0
U.S. Economic Assistance       15.0	   15.0	    15.0

C.  Trade
----------------------------------------------------------
Item                         1998   1999(proj.) 2000(est.)
----------------------------------------------------------
Total Country Exports	   1,059.7  1,029.8	1,200.0
Total Country Imports 	   3,446.0  3,242.0	3,500.0
U.S. Exports		     460.5    500.0	  550.0
U.S. Imports		     20.0      22.0	  25.0
U.S. Share of Imports (pct)  12.5      15.4       15.7

-- Trade Balance with three leading partners in 1998: U.S., (-) USD 440.5 million;
U.K.,(-) USD 259.8 million; and
Italy, (-) USD 334.2 million.

-- Principal U.S. Exports: tobacco and cigarettes, office machines and data processing equipment, electrical equipment, and passenger cars.

-- Principal U.S. Imports: portland cement, clothing, hunting rifle cartridges, canvas, and dairy products.

D. INVESTMENT STATISTICS

In 1998 the Central Bank issued 222 new permits for foreign investment of USD 21.6 million in projects costing around USD 45.4 million. By comparison, in 1997 the Central Bank issued 175 permits for foreign investment of USD 27.0 million. The stock of foreign equity participation in Cyprus since 1986 is estimated at USD 380.6 million in projects costing around USD 799.4 million. For more details, please refer to Section VII, Paragraph F.