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Turkish-Cypriot economy, though not by much. The only inkling of strangeness (other
than the composition of trade) is that, for its size (having between a quarter and a third
of the Republic 5 s population), the "TRNC" does look a little less open than it should if
it were a self-sustaining (non oil exporting - such as Trinidad and Tobago) micro
economy. Generally, the smaller the economy the more open it is to international trade,
as roughly supported by the data in Figure 7.7 and 7.8. On average, international trade,
exports plus imports represented 80% of the GDP in the "TRNC" between 1983 and
1992, and 114% of the Republic's. Ail other things being equal, those percentages
should at least be reversed if comparisons were between two independent, microeconomies.
Figure 7.7 The degree ofopenness in the Micro Economies; exports & imports as a
% of GDP, 1983-92.
140% t
120%
Il Imports
H Exports
100%
80%
60%
il
40% +
20%
0%
Mauritius * Malta * Rep. of Barbados Fiji #
Cyprus
Source: UN Nat. Incoine Accounts Stat's (various); Turkish Cyp. data, Stat. Yearbooks (various), SPO.
"TRNC"
Trinidad
&Tobago*
Notes: «1982-91, #1980-89.
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