The Cyprus model

We keep hearing about the Cyprus model. So I’d thought I’d do a quick post consisting mostly of a few charts about this issue.

The pillars of the so called Cypriot model can be seen in the next few charts. Forgive me for keeping text at a minimum (I'm typing this although I know that you'll actually be grateful for that occurence) but this is a post done on an moment's impulse.

I am not including charts concerning Cyprus' banking sector, since this part of the jigsaw has already been more than adequately covered by other more competent commentators. So, here we go.

source: Eurostat

source: Eurostat

source: Eurostat

 

Finally, here are contributions in GDP and Gross Value Added (GVA) growth of the components highlighted above, using my usual facile approach (i.e. plotting changes in components so that we get a sense of each one's contribution in growth). 

source: Eurostat, own calculations

 

source: Eurostat, own calculations

I think that there's no need for me to add something, since the charts paint the picture rather eloquently. Let's hope that Cyprus' ordeal will soon be over and that the issue is resolved at the best possible way.

P.S. Have to add that imports are inverted in the charts above.