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Annual impact of Turkey's economic embargo on RoC at 1% of Cyprus GDP

07:46 - 24 July 2023

Economy Reporter

The impact of Turkey's economic embargo on the Republic of Cyprus amounts to around one percentage point of the Gross Domestic Product (GDP) annually.

According to the data collected by CNA, the biggest economic impact from the embargo imposed by Turkey, was on the shipping sector that amounts to 0.3 percentage points of the GDP.

As regards the tourism sector, as a whole, which includes the embargo on Cypriot airlines, the effects amount to just 0.1 percentage point of the GDP.

The remaining 0.6% of the impact concerns the Financial Services, Agricultural Exports, the Construction and Communications sectors.

One percentage point of GDP corresponded in 2022 to around €250 million, given the 2022 GDP of €27 billion (current prices – preliminary estimates).

For example, in the shipping sector the economic impact amounts to approximately €75 million, while in the tourism sector around €25 million.

(Source: CNA)

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