Economy of Cyprus

The Cypriot economy is prosperous and has diversified in recent years.[66] .According to the latest IMF estimates, its per capita GDP (adjusted for purchasing power) at $28,381 is just above the average of the European Union.[67] Cyprus has been sought as a base for several offshore businesses for its highly developed infrastructure. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. Adoption of the euro as a national currency is required of all new countries joining the European Union and the Cypriot government adopted the currency on 1 January 2008.[66] Oil has recently been discovered in the seabed between Cyprus and Egypt and talks are underway between Lebanon and Egypt to reach an agreement regarding the exploration of these resources.[68] The seabed separating Lebanon and Cyprus is believed to hold significant quantities of crude oil and natural gas.[68] However the government of Cyprus states that the Turkish Navy doesn't allow the exploration of oil in the region.[68][69]
Cypriot euro coin. Cyprus is part of the Eurozone.

The economy of the Turkish-occupied areas operates on a free-market basis although it continues to be handicapped by the lack of private and public investment, high freight costs and shortages of skilled labor. Despite these constraints the economy turned in an impressive performance in 2003 and 2004 with growth rates of 9.6% and 11.4%. The average income in the area was $15,984 (S₣16,289) in 2008.[70] Growth has been buoyed by the relative stability of the Turkish new lira and by a boom in the education and construction sectors. The island has witnessed a massive growth in tourism over the years and as such the property rental market in Cyprus has grown alongside. Added to this is the capital growth in property that has been created from the demand of incoming investors and property buyers to the island.[71]

In Cyprus, the euro was introduced in 2008. Three different designs were selected for the Cypriot coins. The designs were chosen from entrants in a competition in 2005.

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