How affluent is North Cyprus?

property

Is North Cyprus an affluent country?

North Cyprus covers 3355 square kilometers, about one-third of the entire Cyprus island, encompassing approximately half of the island’s coastline. Irrigation is used on 20% of the 45 percent of fertile land that can be grown. In all, 20% of then part of the island is wooded, and an active afforestation initiative is ongoing.

There are many little countries in Europe, although their national GDP is not significantly lower than that of a world medium-developed country. Cyprus, an island country in the Mediterranean Sea, is a good example. Although it is geographically located in Asia, it is a European country in terms of history, culture, and politics. Cyprus is the third largest island in the Mediterranean Sea, covering a total area of 9,251 square kilometers.

cyprus

Mountains and hills characterize the landscape. The Kyrenia Mountains’ northern section is mostly made up of limestone. The highest point on the mountain is 1,027 meters above sea level. The igneous rocks of the Troodos Mountains in the southwest are rich in copper, pyrite, and other metal deposits. The highest peak on the island, 1952 meters high Olympus Peak, stands in the center. There is a 2,000-square-kilometer east-west wavy plain between the two mountains mentioned above. Cyprus has good soil and is an agricultural area.

Location and demography

Cyprus island appears on the map to be a massive whale travelling through the Mediterranean Sea. It is located approximately 60 kilometers north of Turkey. The hills on both sides of the coast can be seen across the water when the weather is clear. It is around 100 kilometers east of Syria and roughly 400 kilometers south of the Suez Canal. Cyprus has long had a strategic position due to its unique geographical location, and it has been a battleground for military strategists since antiquity. Assyria, Egypt, Persia, Rome, Byzantium, the Ottoman Empire, and others all conquered it in turn.

The Ottomans leased the island of Cyprus to the British in 1878. The British Prime Minister claimed at the time that this measure allowed Britain to retain control of the Middle East. Since then, the United Kingdom has made significant efforts on the island, constructing the largest military facility outside of its motherland and transforming Cyprus into a Mediterranean Sea aircraft carrier.

Following Cyprus’s independence in 1960, the agreement stipulates that Britain retains two sovereign military lands totaling 99 square kilometers. During the Cold War, as a British ally, the US utilized these military bases to keep an eye on the Soviet Black Sea Fleet.

Cyprus currently has a population of around 950,000 people, primarily made up of two ethnic groups: Greeks and Turks. Greeks made up around 70% of the total population, Turkey about 18%, and the rest were foreigners. Greek immigration dates back 3000 years, whereas Turkish immigration occurred under the Ottoman Turk Empire.

Although the two primary ethnic groups have shared the same island for a long time, they have always preserved unique national features. They haven’t married in a long time, and they both consider Greece and Turkey to be their “mother countries.” The Greeks have always desired to unite with Greece, while the Turks have steadfastly opposed and campaigned for power sharing between the two races. As a result, disagreements persist, and the two countries have engaged in numerous brutal conflicts.

cyprus

Turkey intervened in Cyprus in July 1974, ostensibly to defend local Turkish residents, and seized roughly one-third of the island in the north. The “Turkish Republic of Northern Cyprus” was established in 1983 by Turkish nationals, but it was only recognized by Turkey, and the international community didn’t recognize it. Cyprus has suffered significant losses as a result of ethnic clashes. However, since the 1980s, when ties between the north and south of Cyprus were eased, the country’s economy has grown significantly. Its per capita income was twice as high as the world average at the end of the 1990s.

Economic resources

The fundamental reason is that the government of Cyprus has limited resources, a small market, and a huge workforce. It has developed an export-oriented, fiercely developed tourism, export processing, and foreign exchange profits economic development plan that is practical, effective, and feasible. Agriculture contributes greatly to national income. Cyprus’s economy used to be based on mining, but when those resources were depleted, the Cypriot government shifted its growth focus to apparel, beverages, food, leather, and other light industries. Its garment sector has a significant presence in the Arab market.

Agricultural productivity is limited due to inadequate land and water resources. The Cypriot government changed the agricultural structure, reduced food production, and focused on supporting agricultural and sideline products like grains, potatoes, vegetables, citrus, and grapes, as well as improving economic benefits through the use of the international division of labor and farming methods.

Cyprus boasts wonderful natural beauty, and tourism is one of the country’s main industries. Each year, approximately 4 million tourists visit Cyprus, with the United Kingdom accounting for one-third of all visitors, followed by Russia with one-fifth. The tourism industry generates more than 20% of Cyprus’s GDP and contributes to the country’s rapid economic development, which is growing at a rate of 4%. Aside from tourism, the financial services and banking industries have seen tremendous growth in recent years.

With a population of 350,000, Nicosia, the capital, is located in the central plain. It is not only the country’s economic, cultural, and transportation hub, but also its largest metropolis. Its history dates back two or three thousand years, and it grew into an important metropolis in the Eastern Mediterranean during the Middle Ages. Invasion by the Venetians in the 15th century resulted in the construction of a circular city wall with 11 bastions, the majority of which have survived to this day. Nicosia is divided into two distinct areas, one Greek and the other Turkish, which is unusual in the globe.

cyprus

Cyprus has received strong worldwide ratings in recent years. It is ranked 37th in the world for economic independence, 30th in global competition, and 13th in economic performance. According to data, Cyprus’ nominal GDP was 24.5 billion dollars in 2019, and its per capita GDP was over 28,000 dollars, placing it among the world’s middle-income countries.

You can read our previous blog post to know more about What comprises the Cyprus economy!

Compare listings

Compare