CYPRUS

A long-haul journey out of the woods

B2

MEDIUM RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

The country risk assessments are your North Star metrics to make the right decision for your business and understand the risks in international trade. We have always the best solution for your needs

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GDP USD24,565bn (World ranking 107, World Bank 2019)
Population 1,199mn (World ranking 157, World Bank 2019)
Form of state Republic
Head of government Níkos Anastasiádis (President)
Next elections 2021, Legislative
  • Strong and stable business environment inside the Eurozone
  • Attractive fiscal system for corporates (12.5% corporate tax rate, the lowest in the EU along with Ireland)
  • Highly skilled and English-speaking workforce
  • Diversity of trade partners and access to Middle Eastern, European and Asian markets
  • Over-reliance on the services sector (84% of total output), especially tourism, financial services and real estate
  • Tourism sector vulnerable to contingent course of Covid-19 pandemic given quarantine and travel restrictions
  • High public and private debt
  • Fragile banking sector due to the still high share of non-performing loans
  • Unsustainable sources of financing in the long term due to weak banking sector
  • Very high gross external debt due to significant non-resident bank deposits

Trade structure by destination/origin

(% of total)

Exports Rank Imports
Greece 14%
1
19% Greece
Israel 11%
2
9% Korea, Republic of
United Kingdom 8%
3
8% Germany
Germany 5%
4
6% Italy
Libya 5%
5
6% China

Trade structure by product

(% of total)

Exports Rank Imports
Refined Petroleum Products 14%
1
15% Ships
Pharmaceuticals 12%
2
13% Refined Petroleum Products
Ships 7%
3
5% Toiletries
Fats 6%
4
4% Cars And Cycles
Basic Organic Chemicals 5%
5
3% Pharmaceuticals
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