turkish cypriot economy economic indicators

Understanding the Turkish Cypriot Economy’s Resilience

The Turkish Cypriot economy shows resilience with low unemployment at 5.1%, high GDP growth of 13.3%, increased per capita income to $14,648, a 27% boost in exports, and a 31.1% surge in tourism with 1.9 million visitors in 2023. Despite challenges like high inflation, the economy of Turkish Cyprus is on an upward trajectory with growth, export expansion, tourism surge, and measures to address the cost of living, showcasing a strong response to economic challenges.