THE CENTRAL BANK OF THE TRNC HAS PUBLISHED THE REPORT FOR THE THIRD QUARTER OF 2023

The bulletin includes a global economic outlook, the latest statistical data, and assessments of the economy and the banking sector in Northern Cyprus.

According to the published data, the annual inflation rates in the third quarter of 2023 were as follows: 72.8% in July, 80.9% in August, and 81.22% in September.

The sectors with the highest annual price growth at the end of September 2023 were education - 113.8%, clothing and footwear - 90.69%, restaurants and hotels - 90.66%, as well as health goods - 90.64%.

In September 2023, the lowest price growth was recorded in alcoholic beverages and tobacco products, amounting to 61.14%.

In the third quarter of the 2023 fiscal year, the budget revenues amounted to 10,458.8 million Turkish liras, and the budget expenditures were 8,872 million Turkish liras.

The surplus in government finances was 1,586 million Turkish liras. Tax revenue, with the highest share in the budget income, increased by 97.9% compared to the same period of the previous year, reaching 7,556 million Turkish liras.

The number of passengers entering the country for the first nine months of 2023 exceeded the pre-pandemic level, reaching 1,328,518 people. The growth compared to the same period last year was 35.3%.

The number of passengers arriving in the country by air and sea transport in July, August, and September 2023 was 164,656, 175,905, and 208,382, respectively.

For the first nine months of 2023, the number of people entering the country through land borders (excluding TRNC citizens) was 3,967,572. The number of citizens of South Cyprus crossing the border increased to 870,463, and the number of citizens of other countries rose to 668,896.