North Cyprus Economy

North Cyprus in many areas is a place that attracts the attention of many. For example, the natural beauty and historical areas of the island are the reason why many tourists visit. We can say that Northern Cyprus is a wonderful place for both living and touristic visits. industry may be a good option for this. However, before you start making your investment plans, you may want to learn about the economy of Northern Cyprus. You can find detailed information about the TRNC economy on this page.

One ​​of the most curious subjects about Northern Cyprus, which provides opportunities in fields such as education, tourism and real estate, is its economy. Cyprus, which is among the largest islands of the Mediterranean, has had an important place in the field of trade throughout history. 

Day& The service sector for the current economy of Northern Cyprus; it is very important. The main reason for this is that tourism is an important area for Northern Cyprus. Apart from the service sector, agriculture and industry sectors constitute approximately 30% of the gross national product of the TRNC. Despite the embargoes, the TRNC economy has managed to reach a certain size.

  1. General for the Northern Cyprus Economy Overview

For many different reasons, you may want to learn about the economy of Northern Cyprus in general. For example, you may want to invest by taking advantage of Northern Cyprus real estate opportunities. On this page, we will talk about the important sectors in Northern Cyprus, including the education and tourism sectors. But first, let's take a look at some general information about the TRNC economy. The economy of the Turkish Republic of Northern Cyprus has managed to survive despite many difficulties and it stands out especially with some of its sectors.

First of all, A free market economy is dominant in Northern Cyprus and the Turkish Lira is used as the currency here. Cyprus, which has been important in the field of trade throughout history due to its location, has potential in this regard. In addition, although the infrastructure of Northern Cyprus is developed; It has a young, educated and skilled workforce. Due to the embargoes, the economy of Northern Cyprus is significantly dependent on Turkey. Despite being negatively affected by this problem, the economy of Northern Cyprus has grown and developed at many points.

  1. Key Sectors in Northern Cyprus

TRNC Statistical Institute’ According to the data of the TRNC, the gross domestic product of the TRNC in 2021 is over 30 billion TL. This amount is around $1.61 billion with today's exchange rates. Compared to the previous year, the real growth in the gross domestic product of Northern Cyprus was 3.9%. For 2021, the gross national product per capita in Northern Cyprus is at the level of $11,129. In order to understand the current position of Northern Cyprus in economic terms, we can look at important sectors.

 

TRNC is the service sector. This sector includes education, tourism and trade, as well as the public sector. are also included. Apart from the service sector, light industry products and agriculture also constitute an important part of the economy. 

In 2021, the TRNC’ While public services constituted 15.5% of the GDP of Turkey, self-employment and services constituted 14.2% and trade-tourism area constituted 13.8%. This rate is 8.3% for agriculture, 7.5% for industry, 7.5% for construction, 9.2% for transportation-communications and 7.3% for housing ownership. In other words, it is possible to say that the real estate sector has an important place for the economy of Northern Cyprus.

In terms of import and export, Turkey has an important position for the TRNC. In 2019, Northern Cyprus imported around $1 billion. Approximately $647 million of this import was from Turkey. 

2019 yIn the January-September period, approximately $67 million worth of exports were realized from the TRNC. While the most important part of this was made to Turkey, about $25 million was exported to the Middle East countries and a relatively small part to Europe and the Far East. Exported from Northern Cyprus; Some of the important commodities received are citrus fruits, dairy products, scraps, concentrate and chicken;

  1. Tourism and Education in Northern Cyprus

As mentioned above, for the economy of Northern Cyprus, besides the tourism sector, the education sector; is also of great importance. 

Public sector; and an important part of the TRNC economy apart from the self-employment field; constitutes tourism. In addition to its historical sites, Northern Cyprus is ideal for tourism with its luxury hotels, magnificent nature and beautiful beaches.

North Cyprus in the field of education’ There are many universities in Turkey that offer quality education. In this place, which provides suitable opportunities for students to live, many students from both Turkey and other countries continue their education life.

  1. North Cyprus Real Estate Market

In addition to the sectors we have mentioned, we can say that another important part of the economy of Northern Cyprus is the real estate sector. Because, 7.3% of the 2021 TRNC GNP;

If you are planning to invest in real estate, Northern Cyprus can be a very good place to buy real estate. &Cedil;∵ Here you can buy quality real estates that have the potential to appreciate over time at very affordable prices. You can review the options on our site to review many good opportunities in this area and make your choice among these options.