Cyprus Economy

Cyprus Economy  | read this item

Over 78% of service sector is a major part of the economy of Republic of Cyprus. Tourism is said to be the leading economic activity together financial services and real estate. Naturally, such tourism dependence makes it absolutely necessary to deal with political and economic performance of European countries. The national currency is euro as the country joined the European Exchange Rate mechanism in the May of 2005.

As mentioned above, tourism is the main source of income for Cyprus together with certain industries such as banking and real estate, transport and communication representing though only minor sources. For example, the indicator of GDP includes 19% of industrial sector and 3% of the agriculture. Cyprus exports citrus fruits, beverages and potatoes. Cyprus imports such goods as petroleum, transport equipment, consumer goods, and machineries from Greece, Germany, the UK, France and Italy.

The economic indicators of the Republic of Cyprus express $21.4 billion of GDP and 4.4% of its real growth.

Annual revenue covers $9.996 billion; the export earnings touched the number $1.495 billion in comparison with $7.84 billion of imported goods.

Electricity and oil consumption is 4.135 billion kWh and 56,000 bbl accordingly. All the mentioned above indicators reveal the features of 2007.

Topics: Cyprus, cyprus tourism, estate, exchange rate mechanism, export earnings, France, GDP, Germany, Greece, Italy, national currency, oil consumption, petroleum transport, Republic, republic of cyprus, sector, service, Tourism, transport, UK