The consequences of the Turkish invasion and occupation on the economy were catastrophic. The economy of the Republic nearly collapsed.
70% of the island’s gross output which was in the northern part was lost. The rate of unemployment rose to 30% during the second half of 1974, compared to 3% during the first half of that year. There was increased underemployment and mass emigration.
Between 1973 and 1975, the Gross Domestic Product (GDP) radically declined by 18% annually in real terms.
Kyreneia and Ammohostos, the largest seaside resorts, remained in the Turkish occupied area of Cyprus, which resulted in Cyprus losing 65% of the tourist accommodation and 87% of hotel beds under construction.
The Nicosia International Airport remains out of use since 1974.
Moreover, 83% of the general cargo handling capacity (Ammochostos port), was lost, in addition to 56% of mining and quarrying output, 41% of livestock production, 48% of agricultural exports, 46% of industrial production, 20% of state forests, and 40% of school buildings.
For further information:
Ministry of Foreign Affairs website: www.mfa.gov.cy