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The economy of Cyprus is a high-income economy as classified by the World Bank, [ 3] and was included by the International Monetary Fund in its list of advanced economies in 2001. [ 1][ 2] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the ...
The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus. [9] [10] Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%, [11] down from 8.3% in 2014. [12] The inflation rate in June 2015 was at 3.18%.
Zoltan J. Acs (born 1947) is an American economist. He is Professor of Management at The London School of Economics (LSE), [1] and a professor at George Mason University , where he teaches in the Schar School of Policy and Government and is the Director of the Center for Entrepreneurship and Public Policy. [2]
[1] [2] Cyprus has two official languages: Greek and Turkish, but only Greek is an official EU language. EU trade accounts for 34% of Cyprus’ exports and 59% of imports. [3] Enthusiasm within Cyprus for the EU has waxed and waned over the years, mainly in synchrony with the health of the economy.
Agriculture in Cyprus constituted the backbone of its economy when it achieved its independence in 1960. [1] It mostly consisted of small farms, and sometimes even subsistence farms. [1] During the 1960s, irrigation projects made possible vegetable and fruit exports; increasingly commercialized farming was able to meet the demands for meat ...
Tourism in Cyprus occupies a dominant position in the country's economy, [1] [2] and has significantly impacted its culture and multicultural development throughout the years. [ 3 ] [ 4 ] In 2006, the tourism industry made up 10.7% of the country's GDP and the total employment in the tourism industry was estimated at 113,000 jobs. [ 5 ]
The Economic Adjustment Programme for Cyprus, usually referred to as the Bailout programme, is a memorandum of understanding on financial assistance to the Republic of Cyprus in order to cope with the 2012–13 Cypriot financial crisis . It was signed in March 2013 by the Cypriot Government on one hand, and on the other hand by the European ...