Nicosia panoramic view Cyprus Tower 25 Jean Nouvel. All values, unless otherwise stated, are in US dollars. On 1 January 2008, the country double top pattern forex cargo the euro as its official currency, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.
13 Cypriot financial crisis, part of the wider European debt crisis, has dominated the country’s economic affairs in recent times. Exclusive economic zone between Israel and Cyprus as signed in Nicosia. The port of Limassol, the busiest in Cyprus. A vineyard in the Troodos Mountains. The agricultural sector continues to employ a significant proportion of the labor force. Cyprus has an open, free-market, service-based economy with some light manufacturing.
Since gaining independence from the United Kingdom in 1960, Cyprus has had a record of successful economic performance, reflected in strong growth, full employment conditions and relative stability. The underdeveloped agrarian economy inherited from colonial rule has been transformed into a modern economy, with dynamic services, industrial and agricultural sectors and an advanced physical and social infrastructure. Their standard of living is reflected in the country’s “very high” Human Development Index, and Cyprus is ranked 23rd in the world in terms of the Quality-of-life Index. The economic achievements of Cyprus during the preceding decades have been significant, bearing in mind the severe economic and social dislocation created by the Turkish invasion of 1974 and the continuing occupation of the northern part of the island by Turkey.
The success of Cyprus in the economic sphere has been attributed, inter alia, to the adoption of a market-oriented economic system, the pursuance of sound macroeconomic policies by the government as well as the existence of a dynamic and flexible entrepreneurship and a highly educated labor force. Moreover, the economy benefited from the close cooperation between the public and private sectors. In the past 30 years, the economy has shifted from agriculture to light manufacturing and services. Industry and construction account for approximately one-fifth of GDP and labor, while agriculture is responsible for 2. Potatoes and citrus are the principal export crops.
Trade is vital to the Cypriot economy—the island is not self-sufficient in food and until the recent offshore gas discoveries had few known natural resources—and the trade deficit continues to grow. Cyprus must import fuels, most raw materials, heavy machinery, and transportation equipment. The Cyprus legal system is founded on English law, and is therefore familiar to most international financiers. Bank of Cyprus offices in Aglandjia, Nicosia. In the years following the dissolution of the Soviet Union it gained great popularity as a portal for investment from the West into Russia and Eastern Europe. In 2011, Noble Energy estimated that a pipeline to Leviathan gas field could be in operation as soon as 2014 or 2015.
50 ship management companies and marine-related foreign enterprises are conducting their international activities in the country while the majority of the largest ship management companies in the world have established fully fledged offices on the island. Tourism is an important factor of the island state’s economy, culture, and overall brand development. With over 2 million tourist arrivals per year, it is the 40th most popular destination in the world. However, per capita of local population, it ranks 17th.
It primarily exported goods and services such as citrus fruits, cement, potatoes, clothing and pharmaceuticals. Traditionally Greece has been a major export and import partner of Cyprus. In fiscal 2007, it amounted for 21. 1 percent of total exports of Cyprus.