Cyprus - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Cyprus was 78.56 as of 2020. Its highest value over the past 45 years was 78.56 in 2020, while its lowest value was 47.93 in 1993.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1975 56.69
1976 62.62
1977 67.76
1978 62.92
1979 63.77
1980 63.07
1981 63.32
1982 64.24
1983 63.97
1984 67.10
1985 58.83
1986 48.42
1987 50.27
1988 53.50
1989 59.87
1990 57.11
1991 57.09
1992 60.64
1993 47.93
1994 48.09
1995 67.63
1996 70.64
1997 70.58
1998 66.21
1999 64.28
2000 67.53
2001 63.64
2002 61.24
2003 56.24
2004 57.01
2005 56.22
2006 56.37
2007 58.02
2008 62.84
2009 54.07
2010 58.72
2011 57.32
2012 57.23
2013 59.78
2014 65.09
2015 67.49
2016 68.84
2017 74.42
2018 73.77
2019 75.38
2020 78.56

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts