What comprises the North Cyprus economy
North Cyprus’ economy is dominated by the services sector, which comprises the public sector, trade, tourism, and education and accounts for 69 percent of GDP. Industry (light manufacturing) accounts for 22% of GDP, whereas agriculture accounts for 9%. The economy is free-market driven, with Turkey covering a large share of the administrative expenditures. North Cyprus’ currency is the Turkish Lira, which ties its economic status to that of Turkey. North Cyprus’ economy is growing at a faster rate, despite its modest size. North Cyprus follows a free market economic model. The average income per capita is roughly $15,000. The population is estimated to be approximately 300,000. Because North Cyprus is an island, the economy is dominated by the service sector.
Tourism is one of North Cyprus’s fastest-growing industries, and the government and NGOs are putting a lot of effort into it. North Cyprus also offers boutique hotels, traditional village cottages, and guest houses, all of which provide tourists with unique and interesting options. Tourist accommodation facilities provide a variety of options to meet the needs of all types of holidaymakers as well as business travelers. You can choose from luxury hotels with five stars and fewer, holiday villages, touristic bungalows, boutique hotels, and eco-tourism hotels. Rich gastronomy, conventions and seminar halls, swimming pools, aqua park, green spaces integrated with the environment, recreational and entertainment activities, games of chance, and facilities designed for your comfort offer a variety of options for a relaxing vacation and productive business visits.
In North Cyprus, there are now 24 commercial banks and a Development Bank in operation. As of 2009, there are seven branches of Turkish banks, with a total deposit of roughly $6.5 billion. HSBC, ING, Garanti Bank, TEB, Isbank, Ziraat, Halk Bank, Groupoma, AXA, and many more international banks and insurance firms are ready to provide banking and insurance services for your assets.
One of the most important service industries in North Cyprus is higher education (universities). Six universities are now attractıng students from various nations. Approximately forty thousand international students from more than seventy countries are currently enrolled.
The COVID-19 epidemic and Turkey’s economic crisis, which has seen the value of the Turkish lira drop, have hit hard on the self-proclaimed TRNC, which is only recognized by Ankara. Last year, the lira lost 44% of its value against the dollar, pushing up costs and worsening the north’s decades of economic isolation.
North Cyprus is also a particularly appealing location for retired foreign nationals, with some of them preferring to acquire retirement houses and villas in the country.