Cyprus Economy

Cyprus today is one of the main centers of international tourism, as well as a regional service center – mostly in the banking and shipping spheres of operation. It is also a modern communications center.

There are 30 foreign banks operating in Cyprus at the moment. There are also two banks with foreign management and more than a thousand offshore companies. The island has become an important center of marine navigation and is sixth place in the rating of seafaring countries.

We should point out that the standard of life in Cyprus is higher than in some EU countries. Its economic activities, compared to most EU states, are quite favorable.

Industries give 10, 8% of the gross domestic product and provide jobs for 13, 3% of the population. Basic industries are the production of foodstuffs, beverages, tobacco, textiles, clothing and shoes, leather items, metal items, chemical and plastic products.

Cyprus exports:

• Clothes
• Shoes
• Pharmaceutical products
• Cement
• Cigarettes
• Furniture
• Paper products
• Wines
• Potatoes and citrus fruit