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Figure 5.12 Housing as a proportion of total new building construction, 1973- 1993. Source: Rep. of Cyp. 1994: "Stat. Abstract", p. 445 & "Construction & Housing Stat's 1993", p. 61. Nicosia: Dept. ofStat's & Reseaxcli. A persistently active private sector The interesting phenomenon in the south is not the rise in public sector economie activity after 1974 (as happened in the Turkish-Cypriot economy and to a lesser extent in the Greek-Cypriot economy) but the level at which private investment was maintained. Declining from a peak in the early 1970's and at its lowest ebb in the immediate post '74 period, the private sector stili represented around 66% of total gross capital formation (see Figure 5.13 below). Without the benefit of hindsight, the simple question of why is difficult to answer in terms of risk analysis and rational expectations. 251
Figure 5.13 Gross domestic fixed capital formation (GCF): distribution of public and private sector investment, 1973 -1991. Source: Republic of Cypius. "Economie Report[s]". Nicosia. Dept ofStatistics & Research, 1981: p. 69, 1985: p. 84. At a time when confidence in the economy Iooked misplaced, continued private sector investment leads to questions as to the nature of private capital in the Republic. After the loss of nearly 40% of territory, which accounted for an alleged 70% of GDP 47 , the Government's share of investment was not dramatically différent in the immediate post war period than in 1981, 1984 or 1989. There does however appear to have been a ratcheting-up of public sector investment. This suggests the dominance of the politicai rather than the economic rationale for government intervention; the création of a welfare-state, rather than the restoration of confidence, although what proportion of private investment was represented by the combination of co-operative organisations, or the church funds is still obscure. The Orthodox Church for example, has traditionally been a large land owner, though during the Makarios period much church-owned agricultural land was transferred to state ownership (in exchange for a state funded stipend for the clergy). Perhaps of necessity the Church has diversified its investment portfolio. Clearly, a considérable proportion of its fixed assets were lost following Turkish 47 Republic of Cyprus. 1983. Economic Report 1981. Nicosia: Dept. of Statistics and Research, Ministry of Finance, p. 9, amongst many other officiai sources. 252
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ACKNOWLEDGEMENTS I would like to th
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ABSTRACT This thesis examines the e
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Table Of Contents Page Change in ec
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List Of Figures 2.27 Revenue from t
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List Of Figures 5.25 Main destinati
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List Of Figures 7.8 The degree of o
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List Of Tables 6.7 All island, Gree
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This thesis will examine the econom
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Vassiliou's classic work 5 publishe
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As many questions raised by economi
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Figure 1.1 The structure of recent
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In terms of the topic of this thesi
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political landmark coincides with a
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were the mechanisms which encourage
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however, Chapter 5 concentrates on
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Defining the title The first priori
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such? Is northern Cyprus simply run
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unlike Greece in 1923, were already
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itself as having been literally und
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economic history, Christodoulou's s
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incurred as a resuit of eonfl ict.
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Christodoulou has concentrated his
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any credit for successful economic
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anking technology, administrative c
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(which usually has a regressive imp
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contribution did labour remittances
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having been inspired by Zetter's in
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econstruction also provided a means
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Conclusion In analysing the extent
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he drew distinct analogies with the
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in Cyprus. The main objective is a
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The war proved a watershed in many
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Uruguay, Japan, Trinidad and Tobago
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financial, property and business se
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By 1960 exports represented over 20
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Table 2.1 Domestic Exports FOB in 1
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the period (1960-73), the différen
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Figure 2.4 Principal exports as a p
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producing 12% of GDP. Tourism (rest
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considerably more than Turkey, whos
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income. Mining and quarrying (now m
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Figure 2.10 Principal exports as a
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Figure 2.12 The Destination of the
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Figure 2.14 Ambiguous indicators: T
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Figure 2.15 Sìze of manufacturing
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By 1980 the economy of the Republic
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The scale of the disruption in the
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Whether taking the optimists approa
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financing from financial markets pi
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grew rapidly. In the immediate afte
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One of the major problems facing th
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coming, only concerning policy make
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with particular bottlenecks affecti
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"We attributed this finding to the
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aiding the recovery from the coup a
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employment: rapidly rising real ear
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Until the intervention of public fi
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to pick the Republic of Cyprus as t
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of offshore companies registered in
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Figure 2.27 Revenue from the offsho
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Figure 2.29 The changing compositio
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The structure of the economy, the c
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CHAPTER 3. The foundations of Takis
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Famagusta enclaves would be over-ru
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The historical context of separate
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generally concentrated in the lower
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agreed Constitution. Seemingly Clar
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séparation of the communities bega
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UN. 37 Some additional supplies mus
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Seemingly, by 1970 the Nicosia encl
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was made on the basis of a fixed in
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derived from Turkish transfer payme
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Patrick has offered a more complica
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spare parts and maintenance materia
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Emphasising the growing divisions b
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Chamber, Rauf Denktash, said people
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Figure 3.2 Thepossible economic eff
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produced by them rises significantl
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Committee" was the area military co
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February 1975 the latter bodies set
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The first five-year pian, published
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CHAPTER 4. The construction of a Tu
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Whilst the Turkish-Cypriot leadersh
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of supply, and/or marketing, in key
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shipment of 2000 tons of foodstuffs
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Eti still operateci out of Nicosia,
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institutions in northern Cyprus amo
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with multipurpose co-operatives, a
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A few new co-operatives were formed
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loans. Savings Banks do have access
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espectively. The Famagusta branch w
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Cypriot) Government in the 1960s, t
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increasing costs 31 . This is perha
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packages imported raffinate, supply
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a monopoly respectively. Where ther
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Evkaf is an Islamic organisation fo
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Evkaf had a largely obscure economi
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Meanwhile a little noticed phenomen
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After the summer of 1974, the Turki
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monitored Ledra Place check-point,
Page 201 and 202: the early eighties, when Turkish ar
Page 203 and 204: Figure 4.3 Number of tourists from
Page 205 and 206: the situation that had existed prio
Page 207 and 208: stay arrivais or diminish with the
Page 209 and 210: competing with the longer establish
Page 211 and 212: flexibility of family business stru
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Page 215 and 216: dominateci by: textiles, footwear a
Page 217 and 218: force of national cohésion, change
Page 219 and 220: Figure 4.9 Main Citrus Exporters in
Page 221 and 222: Ismail Bozkurt (who secured 32.1% o
Page 223 and 224: Table 4.9 Citrus exports from north
Page 225 and 226: Ultimately the failure to act on pr
Page 227 and 228: CHAFTER 5: Re-establishing economic
Page 229 and 230: prospects of their respective de fa
Page 231 and 232: Figure 5.1 Change in Cypriot GDP as
Page 233 and 234: {0 perceive the de facto situation
Page 235 and 236: Turkey maintains that her objective
Page 237 and 238: parliament during the unstable peri
Page 239 and 240: case study, he argues that given en
Page 241 and 242: Specifically, it is analysis of nat
Page 243 and 244: imports (Figure 5.5). The extent to
Page 245 and 246: (which includes the increasingly im
Page 247 and 248: If "a leading sector in the process
Page 249 and 250: Just to put minds at rest that manu
Page 251: encouraged private sector action, t
Page 255 and 256: major economic force, one that was
Page 257 and 258: they account for around a third of
Page 259 and 260: dominates international transfer pa
Page 261 and 262: a "development resource" 54 , rathe
Page 263 and 264: able to spearhead a revival aided,
Page 265 and 266: path, policy objectives moved to co
Page 267 and 268: overwhelming dependence on a genera
Page 269 and 270: In the difficult times that followe
Page 271 and 272: independence from total Turkish fin
Page 273 and 274: Figure 5.20 Orange production as a
Page 275 and 276: e exchanged for new "TRNC" (or, as
Page 277 and 278: Unlike the vineyards where most of
Page 279 and 280: Although not important in the initi
Page 281 and 282: Having said this, constant improvem
Page 283 and 284: compensation arrangements in the no
Page 285 and 286: some of the labour intensive stages
Page 287 and 288: Figure 5.24 Proportion of citrus ex
Page 289 and 290: to treat exports from the whole of
Page 291 and 292: seem more politically motivateci an
Page 293 and 294: Figure 6.1 Percentage change in GNP
Page 295 and 296: initially. The more immediate probl
Page 297 and 298: historical phenomena (large externa
Page 299 and 300: It has been argued that if politics
Page 301 and 302: share of National Income to somethi
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Figure 6.6 Communal income in 1980,
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Selecting peers as proxies for pan-
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growth potential to Cyprus in 1960,
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was that compatible data should be
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Figure 6.9 Micro Economies; average
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Figure 6.11 Micro Economies; averag
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Figure 6.13 The level of government
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Figure 6.14 "More Developed Medìte
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Figure 6.17 "More DevelopedMediterr
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Cypriot growth rate, should not dis
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Figure 6.22 Structure of production
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Figure 6.26 Degree of openness in t
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economic growth 49 (variables 6-9:
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implication, developmental différe
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spectrum in 1980 at 38%. Perhaps le
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namely investment rates 54 (in phys
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instruments, the justification for
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Figure 6.28 Average annual growth i
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Figure 6.29 How Cyprusfared in 1980
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Figure 6.30 Total Cypriot income 19
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o.zö; may reveai someimng 01 ine e
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developments elsewhere. The relativ
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unified economy) of 1963, Cyprus is
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CHAPTER 7. Conclusion 348 Comparati
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Turkish-Cypriot economy stagnateci.
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So it is worth looking again at the
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stand out however, revealing enough
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Figure 7.3 Gross domestic investmen
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Figure 7.5 "TRNC netforeign trade a
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Figure 7.8 The degree of openness i
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control. There seems to be ampie ex
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The role of tourism in the economic
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seem to be able to grow in line wit
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Comparisons throughout this thesis
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The Cyprus Mail Hellenic Group. Nic
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I.M.F. International Financial Stat
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1982. Fourth Emergency Economic Act
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"Turkish Federated State of Kibris"
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leadership of the two communities o
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"administrations" and key economic
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Bicak, H.A. (June) 1990. "The Impac
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Hudson, J. and Dyniotou-Jensen M. 1
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Mcdonald, R. 1989. The Problem of C
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Solsten, E. (ed.) 1993. Cvprus: A c
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