Cyprus: Market overview

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Source: Statistics Canada

2015 Trade and Investment between Cyprus and Canada (C$, Millions)
2015 Trade and Investment between Cyprus and Canada (C$, Millions)
Trade and InvestmentC$, Millions
Canadian Merchandise Exports to Cyprus$8.0
Canadian Merchandise Imports from Cyprus$3.9
Cypriot Direct Investment in Canada$1,159.0
Canadian Direct Investment in Cyprus$3,088.0

Why Cyprus Matters

  • Although the second-smallest economy in the EU, Cyprus has a per capita GDP comparable to Spain and a strategic location in the Mediterranean.Footnote 1
  • At over $3 billion, there is nearly three times as much Canadian direct investment in Cyprus than Cypriot direct investment in Canada.Footnote 2
  • In 2015, two-way merchandise trade between Canada and Cyprus was close to $12 million. Footnote 3
  • According to IMF, Cyprus is expected to have a stable Gross Domestic Product (GDP) growth rate of 2.8 percent in 2016 and is forecast to decrease to 2.2 percent in 2017.

How to export to Cyprus

Read the guide Exporting to the EU.

Sectoral Opportunities in Cyprus

Education

A large number of students from Cyprus study abroad and opportunities exist to attract these students to choose Canada for their studies.

Energy

Ongoing gas exploration in Cyprus’ offshore territory and anticipated development will require expertise from foreign E&P companies and service providers. Developments in electricity generation based on renewables will also be a source of opportunity.

Infrastructure

Infrastructure development in Cyprus could lead to new opportunities for Canada and expand the commercial relationship between both countries.

Tourism

In Cyprus in the past year there has been a strong performance in the tourist sector, which continues to be an economic driver.

Contact

For more information on trade and investment opportunities in Cyprus, contact your Trade Commissioner in Athens, Greece who also covers Cyprus.

Footnotes

Footnote 1

Eurostat

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Footnote 2

Statistics Canada

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Footnote 3

Statistics Canada

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Footnote 4

IMF

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Footnote 5

Statistics Canada

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