Cyprus Economy
The Cyprus economy, a free enterprise market system which in the last decade has seen a shift from agriculture to a service based economy contributing over 76% to the GDP. while industry and construction adds 19.8% and over 35% of the work force. Tourism is the driving force of the economy with 2,329,902 tourist in 2006 and an increase of 5.9% in 2007. The total revenue for 2007 was Euro 1,858 billion. The real GDP growth rate in 2007 was 4.5% after 4.0% in 2006, the European commission expects the Cyprus economy to grow by 3.7% in 2008 and 2009.
The Harmonized Index of consumer prices increased 2.2% in 2006, there was 8,023 building permits approved compared to 7,280 in 2005 and an average of12,824 registered unemployed workers.
Cyprus has a small domestic market and access to outside markets through trade is vital to the health of the economy of its consumer goods, raw material for industry, heavy manchinery, transportation equipment and petroleum. Cyprus exports citrus, wine, grapes, potatoes, pharmaceuticals, clothing and footwear. The major markets are the U.K. Greece and the U.S. Cyprus met the criteria set by the EU in order to adopt the euro which they did in January, 2008.
The Harmonized Index of consumer prices increased 2.2% in 2006, there was 8,023 building permits approved compared to 7,280 in 2005 and an average of12,824 registered unemployed workers.
Cyprus has a small domestic market and access to outside markets through trade is vital to the health of the economy of its consumer goods, raw material for industry, heavy manchinery, transportation equipment and petroleum. Cyprus exports citrus, wine, grapes, potatoes, pharmaceuticals, clothing and footwear. The major markets are the U.K. Greece and the U.S. Cyprus met the criteria set by the EU in order to adopt the euro which they did in January, 2008.