The Statistical Institute of Northern Cyprus has reported a real GDP growth of 7.3% for 2023. The total Gross Domestic Product (GDP) reached 132.35 billion TL at current prices, and the Gross National Product (GNP) per capita was recorded at 14,599 USD.

Sectoral Growth Highlights

The sectors driving growth in 2023 include:

• Import Duties: Leading the growth with a significant increase of 31.5%
• Trade and Tourism: Grew by 16.3%, highlighting the economic impact of tourism and retail
• Transportation and Communication: Recorded a growth of 8.8%

Sectoral Contribution to GDP at Current Prices

Key sectors by share in GDP included:

• Trade and Tourism: 25.8% (Hotel and restaurant management at 13.9% and wholesale and retail at 11.9%)
• Public Services: 12.9%
• Transportation and Communication: 10.4%
• Liberal Professions and Services: 10.2% (Liberal professions 6.7%, higher education 3.5%)
• Financial Institutions: 9.1%
• Import Duties: 9%
• Construction: 6%
• Home Ownership: 5.7%
• Industry: 5.6%
• Agriculture: 5.3%

These statistics reflect the diverse contributions to the economy, with strong performance in tourism, public services, and trade.