Mediterranean - CYPRUS



Country Profile:

Cyprus is a presidential republic, having gained independence from the UK in 1960. The island has been divided since 1974 when Turkey invaded the north following a military coup on the island backed by the Greek military government. Cyprus became a member of the EU in 2004 and adopted the Euro at the start of 2008. Despite the political problems Cyprus has flourished from an economic viewpoint over the last three decades. This success is attributable to, inter alia, the adoption of a market driven economic system, the pursuance of solid macroeconomic policies by the successive governments as well as the existence of a dynamic, flexible, entrepreneurially-oriented and highly educated workforce. The economy is dominated by the service sector, especially tourism and can be affected by external factors such as regional political instability and fluctuations in Western European economies.

Main Trade Partners:

UK, Greece, Germany, Italy, Netherlands, France Israel, China

Main Industries:

Tourism, Construction, Financial Services, Food & Beverage Processing, Cement, Light Manufacturing


792,604 (July 2008 CIA World Factbook est.)


9,250 sq. km.


36.5 bn. (2007 IMF est.)

GDP Real Growth Rate:

4.4% (2007 CIA World Factbook est.)

GDP per Head:

$27,429 (2007 IMF est.)

GDP per Sector:

Services 78.1%, Industry 19.2%, Agriculture 2.7% (2007 CIA World Factbook est.)

Stock Market Capitalisation:

48.2 bn. (2006 CIA World Factbook)

Exchange Rate:

1 Euro = 1.435 US$ (September 2008)
1 US $ = 0.697 Euros

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