The economy of Northern Cyprus recorded a gross domestic product (GDP) of over €3.6 billion by the close of 2023, according to a report released by the north’s statistics institute on Tuesday. This represents an economic growth rate of 7.3% for the year, with a calculated GDP per capita of €13,753.
If the north were formally recognized as a country, these figures would position it at 153rd globally in terms of nominal GDP, ranking between Djibouti and Sierra Leone, as per World Bank data. For per capita GDP, Northern Cyprus would place 62nd worldwide, in a similar range to countries like Bulgaria and Palau.
By comparison, the Republic of Cyprus has a nominal GDP of approximately €31.3 billion and a per capita GDP of €32,097, placing it 102nd for nominal GDP and 29th for GDP per capita globally.
Examining Northern Cyprus’s GDP by sector, commerce and tourism combined contribute 25.8% of the economy, public services account for 12.9%, and communications and transport make up 10.4%.
Source: Cyprus Mail