Cyprus: Economy Overview

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for nearly four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors.

Year of EU entry: 2004

Member of Schengen area:No

Political system: Republic

Capital city: Nicosia

Total area: 9 250 km²

Population: 0.8 million

Currency: euro

Listen to the official EU language: Greek

Cyprus is the largest island in the eastern Mediterranean and is situated south of Turkey. The two main mountain ranges are the Pentadactylos in the north and the Troodos in central and south-western part of the island. Between them is the fertile plain of Messaoria.

Cyprus has long been a crossing point between Europe, Asia and Africa and still has many traces of successive civilisations – Roman theatres and villas, Byzantine churches and monasteries, Crusader castles and pre-historic habitats.

The island's main economic activities are tourism, clothing and craft exports and merchant shipping. Traditional crafts include embroidery, pottery and copperwork.

Traditional local dishes include the meze – a selection of appetizers served as a main dish, halloumi cheese and the zivania schnapps.

Since Turkey occupied the north of the island in 1974, the Turkish Cypriot and Greek Cypriot communities have been separated by the so-called Green Line.

Cyprus is well known as the island of Aphrodite, the goddess of love and beauty, who, according to legend, was born here.

In modern literature, names such as Costas Montis (poet and writer) and Demetris Gotsis (writer) stand out, while Evagoras Karageorgis and Marios Tokas are well known for their musical compositions.

Useful links

• The Commission's Representation in Cyprus
• European Parliament office in Cyprus
• Government Web Portal
• Tourist information

Source: European Commission