The economy of the Republic of Cyprus has developed throughout the years that it has emerged in the market. Their government continues to find ways to expand their bolstering economy. The country’s per-capita GDP is lower than that of Germany, Italy, United Kingdom and France. However, it is higher than the average of the European Union. The country has been desired as the operations base of some offshore businesses because of its developed infrastructures.
As a requirement of the European Union, the government of Cyprus adopted “euro” as their national currency. This was made effective on the 1st of January 2008. The economy of Cyprus is mostly made up of the services division, which includes the public sector, tourism, education, trade, light manufacturers and a small portion of the agricultural industry. It runs on a “free-market” basis. In fact, Cyprus is considered as one of the many countries currently bolstering in the overseas property market. It guarantees a high rental yield, especially during the holiday seasons.
Cyprus’ economy performed impressive growth rates in terms of skilled labor during 2003 and 2004. The government of Cyprus guarantees to increase the country’s $5,000 average income per capita to $12,000 by means of aid and investment in the coming years.
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