Cyprus can be called a rapidly developing and investment-attractive country. The territory came out from the 2013 financial crisis very quickly despite international forecasts. In 2 years, Cyprus has stopped the slowdown in its growth rate using tough measures, including economic restructuring. This is a year earlier than analysts’ predictions.
The Republic regains the status of a state with a promising economy and financial policy, attracting investors and just individuals who are interested to live in a prosperous European zone.
A bit of economic history
The Island’s history until 1960 is a continuous string of seizures and invasions. The territory was interesting for its warm climate, a good location, connecting Europe, East and Africa by sea-lane. To this day, these advantages attract the capital, contribute the country progress. After the British period, which brought the development of education, agriculture, light industry, tourism, road construction, the island became officially independent in 1960.
Population and job growth, industrial evolution, building of new hotels, minerals export had been such economic achievements of the independence period before the conflict (1974), when much was destroyed, plundered and exported.
The rapid reconciliation and growth lead the country to the European Union membership (2004), four years later – to join the Euro zone.
During more than thirty years, the economic vector has changed from raw and agricultural to industrial and tourist with world recognition. International Monetary Fund noted this period achievements, including Cyprus to the list of world countries with developed economy in 2011.
Modern economy in figures
Today GDP 80% is provided by the tourism industry, financial services, and real estate. In 2018, the actual growth of this indicator is 3.9%, while the gross domestic product per capita (subsided during the crisis 2013) shows a steady increase from 2015. Since July 2016, the wages level began to grow up unstably. As a result, the population increased too. Almost a year the level of inflation (including food) is kept in the negative range. The number of tourists, coming to the country, is constantly growing, has exceeded the 500,000 mark this summer. Last time the credit rating was evaluated as a negative in July 2013. All these plus a country stable gold reserve lead to a high rating of the state on the international investment market.
Three-year reforms, 7 billion euros (instead of 10) History of developing Cyprusspent on economic recovery, yielded results – Cyprus was excluded from the European Space stabilization fund anti-crisis list. The financial stabilization program of the state (after the crisis) has been successfully completed. During the years, only four countries (including the Republic of Cyprus) can boast of such results. Thus, the country announced the possibility of independent development, debts repayment. However, until 2031 (the estimated year of 75% the country’s foreign debt repayment), the IMF and the EU will visit Cyprus twice a year.
