North Cyprus’s economy would have collapsed if not for Greek Cypriot spending, says TRNC ‘Minister’

The economy of north Cyprus would be in recession if not for the continued spending by Greek Cypriots, according to the TRNC ‘economy minister’, Olgun Amcaoglu.

Speaking in the ‘parliament’ on Tuesday, Amcaoglu said, “Had Greek Cypriots not crossed over after the pandemic—had they not even bought a bottle of water—and had we not taken economic steps to cater to their needs, the Turkish Republic of Northern Cyprus would have suffered a recession and economic contraction.”

He emphasized that the data clearly reflects this impact, pointing to ongoing spending by Greek Cypriots on fuel, services, and retail in north Cyprus. In response to this demand, he noted, that the TRNC’s economy had significantly expanded its import capacity.

According to Amcaoglu, import volumes increased by $2 billion in 2022, by $8 billion in 2023, and by $4 billion in 2024. This economic activity, he said, also helped to improve employment figures.

“Employment dropped from 118,000 to 88,000 during the pandemic,” he explained. “But the latest data shows 159,321 people are now in employment, and that figure will grow further, with 60,000 work permit applications currently pending.”

His comments come amid a decline in the number of Greek Cypriots crossing into the north. In the last quarter of 2024, crossings were down 15% compared to the same period the previous year—falling from 751,324 to 638,351.

Overall, Greek Cypriot crossings declined by 8% in 2024, with 2,836,884 recorded compared to 3,063,408 in 2023.

This drop is believed to be linked to rising prices in north Cyprus, where goods and services, including food and beverages, have become more expensive than in the south of Cyprus. As a result, many who once crossed for better value are now choosing to stay and shop in the south.

***How about if not for foreign students?