The current level of economic interdependence between the Greek Cypriot and the Turkish Cypriot communities is much larger than commonly perceived, according to the findings of a report of the Cyprus Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Commerce, which suggests that this stood at around 300 ml euro in 2009.
The report, entitled “Economic Interdependence in Cyprus”, was presented in Nicosia and was funded from the UN Development Programme – Action for Cooperation and Trust (UNDP – ACT), which is supported by the United States Agency for International Development (USAID).
According to the report, the revenues flowing to the Turkish Cypriot Community (TCC) are estimated at 192 ml euro and the outflows at 109 ml, giving a net gain for the TCC of around 83 ml euro.
These are considered to be significantly greater than TCC inflows through international trade (56 ml in 2008). These net benefits of the TCC are derived from expenditure by visitors across the Green Line, Green Line trade, employment in the Greek Cypriot Community (GCC) and pension payments to TCs.