Despite its small size, North Cyprus economy is experiencing higher growth rates. North Cyprus applies a free market economy approach. Per capita income is around 15 thousand USA Dollars. The population number is around 300 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 placeing 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.
Higher Education Sector (Universities) are one of the main service sectors for North Cyprus. Currently 6 universities are attracting students from different countries. Currently the number of foreign students are around 40 thousand from more than 65 countries.
Main export products of North Cyprus that are famous "Helim" cheese that is the only cheese in the world that never melts when grilled, citrus fruits from citrus orchards in Guzelyurt area. , Cyprus potato with exceptional taste from fertile red soils of North Cyprus. Also artichoke is one of the exportable products of North Cyprus. Manufactring sector plays an important role in supplying vital input for the Tourism Sector. Also, exportable niche agricultural products and agri-Industry products are served in the hotels of North Cyprus.
24 commercial banks are operating in North Cyprus. International companies such as HSBC, ING, Garanti Bank, TEB, İşbank, 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 (snow birds) that some of them prefers to buy retirement homes, villas from North Cyprus.