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Geography
Location: Island in the
Mediterranean Sea.
The third largest island in the Mediterranean Sea (after Sicily
and Sardinia)
Area:
total: 9,250 sq km
land: 9,240 sq km
water: 10 sq km
Coastline: 648 km
Climate: temperate;
Mediterranean with hot, dry summers and cool winters
Environment
Current Issues: water resource problems (no natural
reservoir catchments, seasonal disparity in rainfall, sea water
intrusion to island's largest aquifer, increased salination in
the north); water pollution from sewage and industrial wastes;
coastal degradation; loss of wildlife habitats from
urbanization.
People
Population: 775,927 (July 2004 est.)
Age structure:
0-14 years: 21.4% (male 84,850; female 81,235)
15-64 years: 67.4% (male 264,441; female 258,150)
65 years and over: 11.2% (male 38,058; female 49,193) (2004 est.)
Birth rate: 12.66
births/1,000 population (2004 est.)
Life expectancy at birth:
total population: 77.46 years
male: 75.11 years
female: 79.92 years (2004 est.)
Government
Government type: republic
The Republic of Cyprus is a member of the European Union since
1st of May 2004.
Economy
Overview:
Cyprus is classified among the high-income countries, with a per
capita income currently estimated at US $17847(2003). It has a
standard of living that is even higher than some European Union
member-states and the performance of the economy compares
favourably with that of most EU countries. Cyprus holds 16th
place worldwide in terms of per capita income. The average
annual rate of growth in the past five years was about 3,8%,
while inflation stood at 2,9% and unemployment at 3,4% over that
period.
These achievements appear all the more striking, bearing in mind
the severe economic and social dislocation created by the
Turkish invasion of 1974 and the continuing occupation of the
northern part of the island by Turkey. The Turkish invasion
inflicted a serious blow to the Cyprus economy and in particular
to agriculture, tourism, mining and quarrying: 70 percent of the
island’s rich producing resources were lost, the tourist
industry lost 65 percent of its hotels and tourist
accommodation, the industrial sector lost 46 percent, and mining
and quarrying lost 56 percent of production. The loss of the
Port of Famagusta, which handled 83 percent of the general
cargo, and the closure of the Nicosia International Airport, in
the buffer zone, were additional blows.
The success of Cyprus in the economic sphere is attributed,
inter alia, to the adoption of a market oriented economic
system, the pursuance of sound macroeconomic policies by the
government as well as the existence of a dynamic and flexible
entrepreneurship and a highly educated labour force. Moreover,
the economy benefited from the close cooperation between the
public sector and the social partners.
During the last decade, Cyprus has intensified its relations
with the European Union, its largest trading partner. On May 1st
2004 Cyprus became a full in the EU.
The economic benefits to Cyprus as a whole of EU accession are
quite substantial. Cyprus goods and services will have access to
a huge single market consisting of some of the most advanced
countries in Europe. Cyprus’ participation in the Union’s
internal market, an area where free movement of goods, services,
persons and goods is ensured, will lead in the long term to a
more efficient allocation of factors of production towards
activities in which Cyprus possesses comparative advantages.
This will have positive repercussions on growth and employment.
Cyprus will have a share in the growth and development of the EU
economy. It will attract investment from the EU in activities in
which Cyprus possesses comparative advantages, thus accelerating
the transformation of Cyprus into a regional business centre.
Moreover Cyprus will benefit from increased EU financial
assistance.
In the new age of globalisation and world economic integration,
in an era marked by a technological revolution, which
encompasses all sectors of the economy, the key to success is
competitiveness coupled with high quality manufactured goods and
services and the ability to adjust quickly to the ever changing
preferences of the consumers.
GDP: purchasing power parity - $14.82 billion (2003 est.)
GDP - real growth rate: 1.9% (2003 est.)
GDP - per capita: purchasing power parity - $19,200 (2003
est.)
Exchange rates:
1 Cyprus Pound = 2.1 USD
1 Cyprus Pound = 1.70 Euro
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