GDP rises by 3.9 per cent

THE TRNC’s Gross Domestic Product (GDP) increased by 3.9 per cent in 2021.

According to the Statistical Institute, the value of all goods and services sold in the country rose to 30.143 billion TL.

The communication and transportation sectors saw the greatest increase in GDP last year, increasing by 32 per cent, followed by the construction and industry sectors, which were up by 23 per cent and 16 per cent respectively.

In 2020 GDP in North Cyprus fell by 16.2 per cent as lockdowns and travel restrictions caused by the start of the Covid-19 pandemic took their toll on economic output.

GDP per capita was put at $11,129 in 2021, up slightly from $10,055 in 2020 but still well below the $14,187 recorded in 2017.