Cyprus Economy

Last updated on December 6th, 2011 at 08:44 pm

As a full member of the European Union, Cyprus is successfully meeting the challenge of being part of the enlarged European family. The island’s economy is characterised by robustness and macroeconomic stability, which is evidenced by the favourable evaluations and comments of the European Commission, the International Monetary Fund and other international organisations.

During the period 2000-2005, real GDP grew by an average of 3,6% per annum, which compares favourably with the EU average. This was accomplished in an environment of full employment conditions, low inflation and a stable and strong currency. In 2005 Cyprus’s per capita GDP reached about 83% of the EU-25 average. In addition, it should be pointed out that important structural reforms within the context of the Lisbon Strategy are in progress in order to further modernise and liberalise its market-oriented economy, with a view to enhancing its international competitiveness and EU compatibility. These structural reforms, together with macroeconomic stability, provide a strong foundation for the successful participation of the island in the eurozone by 1 January 2008.

More information on Cyprus’s economcy is available on the Central Bank of Cyprus’ website at www.centralbank.gov.cy