The economy of Northern Cyprus is dominated by the services sector (69% of GDP in 2007), which includes the public sector, trade, tourism and education. … As of 2014, the GDP per capita of Northern Cyprus was $15,109, and the GDP was $4.039 billion.
Is North Cyprus a poor country?
In 1980, Cyprus had a GDP of $2.15 billion. As of 2017, the country’s economy has risen to an estimated $21.65 billion. … Poverty rates in Cyprus have also steadily dropped as the economy of the country grows, although poverty in North (Turkish) Cyprus is somewhat higher than South (Greek) Cyprus.
Which part of Cyprus is rich?
Through the years Nicosia has established itself as the island’s financial capital and its main international business centre. The city is ranked as the 5th richest city in the world in per capita income terms.
Is North Cyprus a good place to live?
North Cyprus must be one of the least expensive places to live in the Mediterranean. It is exceptionally good value when compared to living costs in the UK. Electric, water and council tax are relatively inexpensive making your Pound go further.
Is North Cyprus cheaper than Turkey?
Turkey is 58.5% cheaper than Cyprus.
Which is better north or south Cyprus?
The North is a little cheaper, but not much. The people is friendly in both parts of the Island. The food is more or less the same in both parts; there are more good restaurants in the South. There are good beaches (sand and pebble) in both parts.
What is the main source of income in Cyprus?
The services sector, including tourism, contributes almost 80% to GDP and employs more than 70% of the labor force. Industry and construction account for approximately one-fifth of GDP and labor, while agriculture is responsible for 2.1% of GDP and 8.5% of the labor force.
What is the average salary in Cyprus?
How much does a person working in Cyprus earn? They earn an average salary of 3,430 EUR every month or 41,200 EUR per year. This is the gross salary before deductions, meaning it’s inclusive of housing and transport benefits. For hourly-paid employees in Cyprus, the average salary rate is 20 EUR/hour.
Is Cyprus a good country to live?
Cyprus is certainly not perfect, but it is an exotic little island, offering the stability of being inside the EU, good networking opportunities, low tax pressure and amazing weather for all the sun seeking entrepreneurs out there. Moreover, the crime rate is very low, and it’s one of the safest countries in the world.
Can I live in North Cyprus?
Both the northern and southern areas welcome expats and have quite large expat communities. The cost of living in the North is significantly lower. If you want a great value-for-money retirement destination in a beautiful Mediterranean setting, then North Cyprus can be a perfect choice.
Is it safe to live in North Cyprus?
North Cyprus is one of the safest destinations in the Mediterranean. Crime levels are very low. It is safe to walk around even at night, people are very friendly and helpful.
How much do you need to live in North Cyprus?
North Cyprus Universities offer affordable tuition and fees as well as accommodation charges, whilst North Cyprus offers moderate living expenses. Estimated average living expenses for international students are 350-600 USD per month.
Who owns Cyprus?
The Republic of Cyprus has de jure sovereignty over the entire island, including its territorial waters and exclusive economic zone, with the exception of the Sovereign Base Areas of Akrotiri and Dhekelia, which remain under the UK’s control according to the London and Zürich Agreements.
How much is rent in Cyprus?
Those who are renting long-term can expect to pay around 450 euros and up for the same type of apartment or house, and around 550 euros for a two bedroom place. This is the rate for Limassol. Renting a place in Paphos, Larnaca and Nicosia will cost you a lot less.
How much is minimum wage in North Cyprus?
What is the minimum wage in the TRNC? As of 2020, the gross minimum wage in Cyprus is 2,943 TL. After deducting social security and other stoppage payments, the net minimum wage in the TRNC turns out to be 2,324 TL.