What is Cyprus main source of income?
The services sector, including tourism, contributes almost 80% to GDP and employs more than 70% of the labor force. Industry and construction account for approximately one-fifth of GDP and labor, while agriculture is responsible for 2.1% of GDP and 8.5% of the labor force.
Light manufactures, particularly clothing and footwear, and foodstuffs, including potatoes and citrus fruit, constitute the republic's major exports. Petroleum, petroleum products, foodstuffs, and machinery are the chief imports.
- Cyprus' economy in numbers: Nominal GDP of USD 29.2 billion in 2022. ...
- Economic structure: In 2021, services accounted for 85% of overall GDP, manufacturing 6%, other industrial activity 7%, and agriculture 2%. ...
- International trade:
In 2022, agriculture contributed around 1.65 percent to GDP of Cyprus, 13.47 percent came from the industry and 72.44 percent from the services sector.
The Cyprus economy is dominated by services, which accounted for 84.4% of gross value added in 2022, while industry accounted for 8.3%, construction 5.4% and agriculture, forestry and fishing 1.8%. Over the past two decades the economy has diversified.
The services sector, including tourism, contributes almost 80% to GDP and employs more than 70% of the labor force. Industry and construction account for approximately one-fifth of GDP and labor, while agriculture is responsible for 2.1% of GDP and 8.5% of the labor force.
Cyprus mostly exports citrus fruits, cement, potatoes, clothing and pharmaceuticals. Cyprus' largest, and most important, trading partner is the European Union, which accounts for 50% of all Cypriot trade flows, followed by the Middle East, destination for 20% of exports from Cyprus.
In contrast to the relatively high value of net wealth of Cyprus households, their average incomes have been lower than the average of euro area households. In 2021 median annual gross income per household in Cyprus was estimated at 28,000 euro compared with a median of 34,000 for euro area households.
Resilient Macroeconomic Performance: The Cypriot economy has remained relatively resilient this year, with GDP increasing by 2.5% on an annual basis in the first three quarters of 2023. Faster economic growth in 2H24 should translate into GDP growth of 2.7% for next year.
Cyprus' median household income (PPP) hit $63,452 in 2021, an increase of 1.3% over the previous year. Between 2010 to 2021, Cyprus median household income (PPP) increased by 6.7%. Cyprus declared an economic support package for the households, businesses, and healthcare sector worth $975.6 million (EUR 800 million).
Why is Cyprus in so much debt?
Cyprus's banks were owned by the banks of other European countries. Parent banks had provided large loans that were unlikely to be paid back, and Cyprus is also part of the Eurozone meant that Cyprus's banking crisis. This became a collective problem for other European countries as well.
The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating ...
Although in general one would say that Cyprus is more developed and less traditional than greek islands, you should compare apples to apples. Thus Cyprus should be compared to the larger Greek islands, that is Crete and possible Rhodes, which of course are quite built up, especially in the cities.
Cyprus, island in the eastern Mediterranean Sea renowned since ancient times for its mineral wealth, superb wines and produce, and natural beauty.
Cyprus' economic growth is estimated at 2.5% in real terms in 2023. At current prices, the increase in gross domestic product (GDP) is estimated at 7.1%, according to the Statistical Service of Cyprus (CyStat). The analysis of GDP using the production approach highlights key sectors contributing to this growth.
Cereals (wheat and barley), legumes, vegetables (carrots, potatoes, and tomatoes), fruit and other tree crops (almonds, apples, bananas, carobs, grapes, grapefruit, lemons, melons, olives, oranges, and peaches).
Cyprus: Top 10 Companies with Highest Number of Employees
The company with the highest number of employees is IMAR BANK OFF SHORE LTD (13,000), followed by NEAR EAST UNIVERSITY LTD (6,000) and KRONOSPAN HOLDINGS P.L.C.
Normal working hours: The total number of normal weekly and daily working hours must not exceed 38 and 8, respectively.
Compared to other EU countries, the crime rate in Cyprus is lower. Along with safety, Cyprus offers other benefits for those who decide to move to the island: high-quality healthcare, an affordable cost of living, a large expat community, and short times of obtaining a residence permit.
Cyprus is seen as democratic state that can serve as a forward base for the United States. In numerous occasions military bases, ports and airports such as the Port of Limassol and the Larnaca International Airport respectively, have been used for humanitarian and support purposes by the US.
What is Cyprus biggest import?
In 2022, Cyprus primarily imported mineral fuels and oils (EUR 2,626.5 million), vessels (EUR 1,302.4 million), electrical machinery and materials (EUR 630.4 million), motor cars, other vehicles, and parts (EUR 626.0 million), and other machinery, boilers, appliances, and their parts (EUR 580.9 million).
Religion in Cyprus is dominated by Eastern Orthodox branch of Christianity, whose adherents make up 73% of the total population of the entire island. Most Greek Cypriots are members of the autocephalous Greek Orthodox 'Church of Cyprus'. Most Turkish Cypriots are officially Sunni Muslims.
Peyia has countless beautiful, million euro homes for sale and recent purchases show that there is no shortage of buyers. Few people associate the words 'small town' with the words 'million euro villa' but in the case of Peyia, a small quiet town, million euro hillside homes are incredibly common.
A good salary in Cyprus is considered to be between 1,870 EUR and 2,830 EUR. This range takes into account the cost of living, including expenses like housing, food, transportation, and healthcare.
Housing rent and utilities
However, its cost can be attributed to the main advantages of living in Cyprus. Renting a one-room apartment in the central part of a big city will cost 730€ per month, on the outskirts from 600€. For a three-room apartment, you will have to pay from 1200 to 1500€ per month.
