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Cyprus Overview of Economy













A brief guide to Cyprus economy, Cyprus economy overview, Inflation rates GDP and other economic indicators in Cyprus.




The Cypriot economy is recovering from the severe economic crisis of 1974 that was caused as a result of fighting in the Turkish area in the north.
The main export component, some 40%, is the tourism sector that is based mainly on tourism from the EU. Some 20% of exports to overseas include export of citrus fruits, grapes and other crops as well as clothing items that are manufactured mainly in the southern part of the island. International shipping services and other financial services represent approximately 9% of the receipts from overseas.
Cyprus is situated between three continents, a location that enables it at present as well in previous times in history, to serve as an effective trading center. It should be pointed out that even today Cyprus has strong ties with the Arab countries on the one hand and with Israel on the other.
Cyprus counts the EU countries as its main trading partners. Exports to the EU countries constitute 43% of all exports.
The main imports, some 54%, are also from the EU countries. Britain is the country that is the main trading partner.
Cyprus is not particularly rich in natural resources. Copper and asbestos deposits are to be found as well as marble, salt and wood.
An analysis of the main economic indices shows that the GDP in recent years is around 2% per annum. The per capita for the year 2003 is 16,000 dollars, among the highest of the Mediterranean countries. (world average in 2003-&8.200 ppp.). Unemployment rate in Cyprus is quite low,4.4% in 2003.
From the year 2003 onwards, according to the uniform customs agreement with the EU, trading barriers with the EU will be abolished.
On 1.5.2004 Cyprus joined the European Union. The EU accession will, no doubt, improve the Cyprus economy dramatically.







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