Cyprus has a record of successful economic performance, reflected in rapid growth, nearly full employment conditions, external and internal stability almost throughout the post-independence period.
The underdeveloped economy, inherited from Colonial Rule in 1960, has been transformed into not only a major tourist destination but also into a modern economy offering dynamic services with advanced physical and social infrastructure.
The main economic indicators of the Cyprus economy are given in the table below:
Source: Central Bank of Cyprus
The success of Cyprus in the economic sphere is attributed, amongst other, to the following:
- adoption of a market oriented economic system, whereby the Cyprus economy is based on the free enterprise system with limited intervention in the business operations
- the pursuance of sound macroeconomic policies by the Government
- the existence of a dynamic and flexible entrepreneurial community
- a highly educated and multilingual labour force and the
- excellent infrastructure facilities