from Turkey, reaching a maximum of 12.2% of the GNP in 2009. In December 2014, Northern Cyprus had a total debt of 23 million Turkish liras, 7.5 million liras being external debt to Turkey. This amounted to 1.5 times the GDP. Economic growth Despite the constraints imposed by the lack of international recognition, the TRNC economy turned in an impressive performance. The nominal GDP growth rates of the TRNC economy in 2001-2005 were 5.4%, 6.9%, 11.4%, 15.4% and 10.6%, respectively. The real GDP growth rate in 2007 is estimated at 2%. This growth has been buoyed by the relative stability of the Turkish Lira and a boom in the education and construction sectors. The growth was further buoyed by the arrival of North European Home Buyers, investing in holiday villas. Over 10,000 British people, including expatriates purchased holiday villas there to live in permanently, or to visit during the summer months. These settlers generated over $1 Billion between 2003 and 2007. Between 2002 and 2007, Gross National Product per capita more than tripled (in current US dollars): US$4,409 (2002) US$5,949 (2003) US$8,095 (2004) US$10,567 (2005) US$11,837 (2006) US$14,047 (2007, provisional) Studies by the World Bank show that the per capita GDP in TRNC grew to 76% of the per capita GDP in the Republic of Cyprus in PPP-adjusted terms in 2004 (US$22,300 for the Republic of Cyprus and US$16,900 for the TRNC). Official estimates for the GDP per capita in current US dollars are US$8,095 in 2004 and US$11,837 in 2006. Development Although the TRNC economy has developed in recent years, it is still dependent on monetary transfers from the Turkish government. Under a July 2006 agreement, Ankara is to provide Northern Cyprus with an economic aid in the amount of $1.3 billion over three years (2006–2008). This is a continuation of ongoing policy under which Turkish government allocates around $400 million annually from its budget to help raise the living standards of the Turkish Cypriots. Tourism The tourism sector of Northern Cyprus has seen high levels of constant growth. 1.23 million tourists visited Northern Cyprus in 2013, 920,000 of these being from Turkey. The number of tourists had doubled since 2006, which saw 570,000 tourists. The revenue from tourism was at $616 million, up from $390 million in 2009 and $288 million in 2004. The number of tourist beds increased to 17,000 in 2011. Banking The Banking sector grew