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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.
Cyprus is a major tourist destination in the Mediterranean. [27] [28] [29] The country has an advanced high-income economy. The Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. [30] On 1 January 2008, Cyprus joined 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%.
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 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 ...
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 ...
Cyprus. Cyprus became a full member of the European Union in 2004. Despite being a divided country, the entire island is EU territory. Turkish Cypriots are eligible for EU citizenship, however EU law is suspended in certain areas. [ 1] [ 2] Cyprus has two official languages: Greek and Turkish, but only Greek is an official EU language.
Cyprus is a major tourist destination in the Mediterranean. The country has an advanced high-income economy. The Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. On 1 January 2008, Cyprus joined the eurozone. (Full article...