Since gaining its independence in 1960, Cyprus has enjoyed considerable economic success. This can be largely attributed to the sound macro-economic policies of successive governments, the adoption of a market-oriented economic system, and a well-educated, dynamic and flexible entrepreneurial workforce. The result is a thriving and stable economy, with high growth rates, low inflation and low unemployment.
In view of the country’s membership of the European Union, it is also important to note that the country fulfils the Maastricht criteria and is a net contributor to the EU. The Cyprus pound joined the Exchange Rate Mechanism II on 29th April 2005 and the country joined the eurozone on January 1 2008. EU membership also marked the liberalisation of the electricity supply, telecommunications and transports sectors.
The World Bank has classified Cyprus among the high-income countries in terms of per capita income, while the United Nations placed Cyprus amongst the world’s high rated countries in its 2012 Index of Human Development. A number of factors contribute to the high standard of living, which compares favourably with the island’s fellow EU members. These factors include modern housing and telecommunication systems, low pollution and crime rates, a friendly and lively social scene, the enviable climate, low inflation and almost full employment.
For further information and updates please refer to:
Ministry of Finance
Central Bank of Cyprus