Cyprus

Герб
 Флаг
 

Coat of arms: depicts a dove carrying an olive branch (a well-known symbol of peace) over «1960», the year of Cypriot independence from British rule. The background is a copper-yellow colour; this symbolises the large deposits of copper ore on Cyprus (chiefly in the form of chalcopyrite, which is yellow in colour). The arms is not violating the rule of tincture, since the dove is not argent (silver) but blazoned as of the colour proper, i.e. it has the colour it would have in nature, in this case white.

Flag: features the shape of the entirety of the island, with two olive branches below (a symbol of peace) on white (another symbol of peace). The olive branches signify peace between the Turks and Greeks. The map on the flag is a copper-orange colour, symbolising the large deposits of copper ore on the island, from which it may have received its name.

 
  • Anthem: «Ὕμνος εἰς τὴν Ἐλευθερίαν» is a poem written by Dionysios Solomos in 1823 that consists of 158 stanzas, which is used as the national anthem of Greece and Cyprus. It was set to music by Nikolaos Mantzaros. 
  • Official languages: Greek, Turkish.
  • Geographical location: it is an island country in the Eastern Mediterranean, located south of Turkey, west of Syria and Lebanon, northwest of Israel, north of Egypt, and southeast of Greece. 
  • Administrative divisions: the Republic of Cyprus is divided into six districts: Nicosia, Famagusta, Kyrenia, Larnaca, Limassol and Paphos.
  • Capital: Nicosia .
  • Governance: the Republic of Cyprus is a unitary presidential representative republic, whereby the President of Cyprus is both head of state and head of government. Executive power is exercised by the government. Legislative power is vested in both the government and the parliament. The Judiciary is independent of the executive and the legislature.
  • Population: 1.1 million.
  • Currency: Euro.
  • GDP: $21.91 billion.
  • Time zone: GMT +2, GMT +3.
  • Telephone code: +357.
  • Barcode: 529.

 

Trade and economic cooperation between Belarus and Cyprus

Cyprus's economic performance in 2017: 

  • GDP — €19.2 billion;
  • GDP growth — 3.9%;
  • GDP per capita — €17.45 thousand;
  • Inflation — -0.7%;
  • Cyprus's most valuable export products are citrus fruits, potatoes, medicaments, mineral fuels, mineral oils and products of their distillation;
  • Cyprus's most valuable import products are mineral fuels, mineral oils and products of their distillation, food products and beverages, textile products.

The country's economy grew steadily in 2017, as the government and competent international organizations forecasted.

The experts considered that the main factors, contributing to this growth, were stable business activity and employment growth; positive trends in the main macroeconomic indicators; improvement of financial conditions; low interest rates; favorable external economic environment (economic growth in the Eurozone, recovery of the Russian economy).

According to the European Commission, the economy of Cyprus is recovering from the crisis.

The country's trade turnover has a positive trend. In 2017, Cyprian exports increased by 9%, imports — by 15.6%.

Cyprus's most valuable products, imported from the non-EU countries: 

  • Processed petroleum oils;
  • Electrical machines and apparatus;
  • Vehicles;
  • Organic chemicals;
  • Plastics and articles thereof;
  • Rubber and articles thereof;
  • Pharmaceutical products;
  • Alcoholic beverages;
  • Furniture;
  • Paper and paperboard;
  • Optic apparatus.

In 2017, trade turnover between Belarus and Cyprus increased by 87% to $1.74 million as compared to 2016, Belarusian exports increased by 139.3% to $0.65 million, Cyprian exports — by 70.6% to $1.09 million. Trade deficit amounted to $0.44 million (it was $1.08 million in 2016).

Dynamics of trade between Belarus and Cyprus (in million U.S. dollars)

Years

Turnover

Exports

Imports

Surplus

2013

45.1

22.59

22.5

22.51

2014

17.51

3.01

14.51

-11.5

2015

1.81

0.77

1.04

-0.27

2016

1.96

0.42

1.54

-1.12

2017

1.74

0.65

1.09

-0.44

2017 г. to 2016 г., in %

87

139.3

70.6

 

Belarus's most valuable products, imported by Cyprus in 2017:

  • Processed petroleum oils;
  • Cars;
  • Signaling, safety or traffic control equipment;
  • Furniture and parts thereof;
  • Women's clothing of textile materials;
  • Trunks, suitcases, cases, briefcases, ladies' handbags;
  • Wood sawn or chipped lengthwise and etc.

In 2017, Belarus supplied goods of 39 commodity headings (12 in 2016) (4-digit HS Code), including goods of 35 new commodity ones.

Cyprus's Most Valuable Import Products:

  • Medicaments;
  • Dish washing machines;
  • Citrus fruits.

In 2017, trade in services between Belarus and Cyprus increased by 95.9% to $291.74 million as compared to 2016, Belarusian exports increased by 89.6% to $230.3 million, Cyprian exports — by 129.7% to $61.4 million.

Belarus mainly exports IT services, transport and other business services, and gets royalty.

 

This article has been prepared on the basis of information provided by the National Centre for Marketing and Price Study of the Ministry of Foreign Affairs, and the Embassy of the Republic of Belarus in the Republic of Bulgaria, and taken from public sources. The information presented herein is for informative purposes only. In this regard, it may be useful for the companies, which have been working in Cyprus for a long time, as well as for those, which are going to enter this market. Any questions, feedbacks and comments concerning this article are welcome. All of them will be fully considered and taken into account, if possible. If you have any information that may be interesting and useful for the visitors of this page, please write to us.

When using the materials of this article, the link to Export.by is obligatory.

Best wishes,

Administration of Export.by

Back to Country Guidebooks List