The economy of Northern Cyprus (the Turkish Republic of Northern Cyprus—TRNC) is dominated by the services sector (69% of GDP in 2007), which includes the public sector, trade, tourism and education.
Industry (light manufacturing) contributes 22% of GDP and agriculture 9%. The economy operates on a free-market basis, with a significant portion of administration costs funded by Turkey. The TRNC uses the Turkish Lira as its currency, which links its economic situation to the Turkish economy.
Despite its small size, North Cyprus economy is experiencing higher growth rates. North Cyprus applies a free market economy approach. Per capital income is around 15 thousand USA Dollars. The population number is around three hundred thousand. Since North Cyprus is island, service sector is dominant in the economy.
Tourism is one of the leading growth sectors in Northern Cyprus and the authorities and NGOs are placing a high degree of priority. North Cyprus has also boutique hotels, traditional village houses and guest houses which offer special and unique choices for tourists. Tourist accommodation facilities offer different alternatives which cover the expectations of holidaymakers from all levels and business travelers as well. Both luxury hotels with five stars and less, holiday villages, touristic bungalows, boutique hotels and eco-tourism hotels provide you with different options. The rich gastronomy, conventions and seminar halls, swimming pools, aqua park, green spaces integrated with the environment, recreational and entertainment activities, games of chance, facilities which were designed for your comfort have all kinds of opportunity for a relaxed holiday and convenient business visits as well.
Currently, there are 24 commercial banks plus a Development Bank operating in Northern Cyprus. The number of branches with the origin of Turkey is 7 and the total deposit is around $6.5 billion as of 2009 . International companies such as HSBC, ING, Garanti Bank, TEB, Isbank, Ziraat, Halk Bank, Groupoma, AXA and many others are ready to provide banking and insurance services for your investments.
Higher Education Sector (Universities) are one of the main service sectors for North Cyprus. Currently Six universities are attracting students from different countries. Currently the number of foreign students are around fourty thousand from more than seventy countries.
24 commercial banks are operating in North Cyprus. International companies such as HSBC, ING, Garanti Bank, TEB, Isbank, Ziraat, Halk Bank, Groupoma, AXA and many others are providing banking and insurance services.
Also, North Cyprus is very attractive destination to the retired foreign citizens that some of them prefer to buy retirement homes, villas from North Cyprus.