VIDES
chancery: 2211 R Street NW, Washington, DC 20008
telephone: [1] (202) 462-5772
consulate(s) general: New York
note: Representative of the Turkish area in the US is Namik KORMAN,
office at 1667 K Street NW, Washington, DC, telephone [1] (202)
887-6198

US diplomatic representation:
chief of mission: Ambassador Richard A. BOUCHER
embassy: corner of Metochiou and Ploutarchou Streets, Engomi, Nicosia
mailing address: P. O. Box 4536 APO AE 09836
telephone: [357] (2) 476100
FAX: [357] (2) 465944

Flag: white with a copper-colored silhouette of the island (the name
Cyprus is derived from the Greek word for copper) above two green
crossed olive branches in the center of the flag; the branches
symbolize the hope for peace and reconciliation between the Greek and
Turkish communities
note: the Turkish Cypriot flag has a horizontal red stripe at the top
and bottom between which is a red crescent and red star on a white
field

@Cyprus:Economy

Overview: The Greek Cypriot economy is small, diversified, and
prosperous. Industry contributes 14% to GDP and employs 29% of the
labor force, while the service sector contributes 53% to GDP and
employs 57% of the labor force. An average 6.8% rise in real GDP
between 1986 and 1990 was temporarily checked in 1991, because of the
adverse effects of the Gulf war on tourism. After surging 8.5% in
1992, growth slowed to 2.0% in 1993 - its lowest level in two decades
- because of the decline in tourist arrivals associated with the
recession in Western Europe, Cyprus' main trading partner, and the
loss in export competitiveness due to a sharp rise in unit labor
costs. Real GDP is likely to have picked up in 1994, and inflation is
estimated to have risen to between 5% and 6%. The Turkish Cypriot
economy has less than one-third the per capita GDP of the south.
Because it is recognized only by Turkey, it has had much difficulty
arranging foreign financing, and foreign firms have hesitated to
invest there. The economy remains heavily dependent on agriculture,
which employs one-quarter of the work force. Moreover, because the
Turkish lira is legal tender, the Turkish Cypriot economy has suffered
the same high inflation as mainland Turkey. The small, vulnerable
economy is estimated to have experienced a sharp drop in growth during
1994 because of the severe economic crisis affecting the mainland. To
compensate for the economy's weakness, Turkey prov