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Review of Cyprus Economy

Cyprus appears to be a small, services oriented free market economy with a record of successful economic performance, including full employment conditions, rapid growth, low inflation as well as external and internal stability. As for per capita income, currently estimated at US $ 18,500, this country is classified among the high income countries. It boasts strong business as well as financial services, up-to-date telecommunications, an educated labor force, to say nothing of a sound legal system. Cyprus' geographical location, modern infrastructure, tax incentives also make it a natural hub for companies seeking to do business with the Middle East, Europe, the ex-Soviet Union as well as North Africa. Cyprus' entry into the European Union in May 2004 marked the crowning point of protracted attempts over the years of its most crucial political as well as economic policy objective. As regards the economy, the harmonization process has radically changed the entire economic structure of Cyprus, while full accession is expected to bring a number of upbeat results.

At the same time, the EU membership should be regarded as a serious challenge to the business community to strive for increased competitiveness and also the upgrading of quality of products and services. Economic growth in 2016 remained at the same levels as last year with the economy surging by 2% in real terms, mostly thanks to the containment of tourist demand. The relatively low rate of economic growth for a second year in a row was clearly reflected in the labour market with a minor surge of the unemployment rate to about 3.5%. In 2002, inflation surged 4.1% from 2.8% due to higher consumer taxes, particularly on petrol and a soar in VAT. As for the fiscal deficit, it edge up to 6.3% from 4.6% of GDP, thus overshooting the Maastricht convergence criteria of 3%.The agricultural sector headed north by 1.5% and its contribution to GDP was intact at 3.9%. As for manufacturing, it shrank by approximately 2% and its contribution to GDP tumbled to 9.4%. Meanwhile, the construction sector reported a growth of 4%, while its contribution to GDP soared to 8% as a result of surged investment in private as well as public construction projects. The hotel along with restaurant sector descended by 3.9% because tourist arrivals and revenues both dropped. This sector's contribution to GDP sagged to 8.2%. Additionally, wholesale & retail trade soared by 0.5%, while the financial sector also demonstrated only marginal revenues contributing 6.3% to GDP.

Cyprus appears to be a small, services oriented free market economy with a record of successful economic performance, including full employment conditions, rapid growth, low inflation as well as external and internal stability. As for per capita income, currently estimated at US $ 18,500, this country is classified among the high income countries.

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Assignment ID
100001590
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CREATED ON
August 27, 2016
COMPLETED ON
August 28, 2016
Price
$44
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