It's smaller than the gross domestic product of … ready? … colorado Springs, Colorado. There. That should put things into proper perspective.
Mark Perry, one of my favorite economists with lots of time on his hands it seems, decided to look up just how large the cyprus economy is ($25 billion) and then compare it to various other economies, like the states in the United States. Cyprus would rank 51st behind #50 (Vermont with $25.9 billion) and #49 (Wyoming with $37.6 billion).
He also compared it to a number of American cities. He's what he found: Cyprus has a smaller economy than
Akron, Ohio – $28 billion
Anchorage, Alaska – $27.5 billion
Boise, Idaho – $27.2 billion
Charleston, South Carolina – $28.9 billion
Colorado Springs, Colorado – $26.8 billion
El Paso, texas – $28.7 billion
Syracuse, New York – $27.4 billion
Toledo, Ohio – $28 billion
Wichita, kansas – $27.3 billion
He didn't look at populations. Here are the numbers for Cyprus and Colorado Springs. Cyprus has a population of 1,100,000. Colorado Springs' population is 416,000, or 645,000 if you measure the MSA (metropolitan statistical area). Either way, the citizens of Colorado Springs are about twice as productive as the citizens of Cyprus. Per capita income there is, according o Wikipedia, $28,381, about average among all the Euro zone nations.
I wonder if this vast disparity has anything to do with the market economy and the size of government? Just asking.
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