GDP of the Turkish Republic of Northern Cyprus Reaches 3.6 Billion Euros

As of the end of 2023, the Gross Domestic Product (GDP) of the Turkish Republic of Northern Cyprus (TRNC) reached just over €3.62 billion (132,350,516,376.8 TL), marking a 7.3% increase compared to the previous year.

According to the TRNC Statistical Institute, the highest growth in 2023 was seen in the "import taxes" sector, with a 31.5% increase. This was followed by significant growth in the trade and tourism sector, transportation, and communications.

The breakdown of industry contributions to GDP is as follows: trade and tourism (25.8%), hotel management and catering (13.9%), wholesale and retail trade (11.9%), utilities (12.9%), transportation and communications (10.4%), self-employment and services (10.2%) – of which 6.7% is self-employment and 3.5% is higher education, financial institutions (9.1%), import duties (9%), construction (6%), homeownership (5.7%), industry (5.6%), and agriculture (5.3%).

The Gross National Product per capita stands at USD 14,599.

According to the World Bank, if the TRNC were a recognized state, it would rank 153rd globally in nominal GDP, between Djibouti and Sierra Leone.

In terms of GDP per capita, the country would be ranked 62nd globally, between Bulgaria and Palau.