Cyprus is a relatively wealthy country when compared to other nations, with a GDP per capita higher than the European Union average.
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Cyprus is a small island country located in the Mediterranean Sea and is considered to be one of the wealthiest nations in the region. According to the World Bank, Cyprus has a high-income economy and a GDP per capita of $27,706 in 2020, which is higher than the European Union’s average GDP per capita. The country’s economy is dominated by the services sector, with tourism being a significant contributor to its GDP.
A quote from the European Commission on the country’s economy reads, “Cyprus has made remarkable progress in the past years, restoring stability, creating jobs and improving its fiscal position. The financial sector has been restructured, and the fiscal deficit has been reduced.”
Here are some facts about Cyprus and its economy:
- The country’s primary trading partners are Greece, the United Kingdom, Germany, and Italy.
- The unemployment rate in Cyprus has decreased significantly in recent years, falling from over 16% in 2014 to around 7% in 2020.
- The Cypriot government offers various incentives to foreign investors, such as favorable tax rates and residency permits for investments exceeding €2 million.
- Cyprus has a highly educated workforce, with a literacy rate of almost 99% and a high percentage of the population holding tertiary education degrees.
Here is a table showing Cyprus’s GDP growth rate, GDP per capita, and unemployment rate over the past five years:
| Year | GDP Growth Rate | GDP per capita | Unemployment Rate |
|---|---|---|---|
| 2016 | 2.8% | $23,674 | 12.7% |
| 2017 | 4.8% | $26,083 | 11.1% |
| 2018 | 4.0% | $27,994 | 8.6% |
| 2019 | 3.2% | $29,706 | 6.5% |
| 2020 | -5.1% | $27,706 | 7.2% |
Overall, Cyprus is considered to be a relatively wealthy nation with a high-income economy, educated workforce, and valuable incentives for foreign investors.
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If this is calculated per inhabitant, taking purchasing power parity into account, then Cyprus ranks 51st in the list of the richest countries. Inflation in Cyprus in 2022 was around 8.40%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
The economy of Cyprus is a high-income economy as classified by the World Bank, and was included by the International Monetary Fund in its list of advanced economies in 2001.
With an advanced, high-income economy and a very high Human Development Index, the Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004.
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Is Cyprus a rich or Poor country? The Cypriots are among the most prosperous people in the Mediterranean region, with GDP per capita in 2023 approaching $34,000 in nominal terms and $55,000 on the basis of purchasing power parity.
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Also to know is, Is Cyprus for rich people?
The people of the Greek zone are among the most affluent in the world. According to the World Bank’s Development Report, Cyprus is ranked 16th in terms of per capita income adjusted for purchasing power.
Why is Cyprus so rich? Cyprus Economy
Is Cyprus a wealthy country? The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services.
Correspondingly, Which part of Cyprus is richest? In reply to that: Through the years Nicosia has established itself as the island’s financial capital and its main international business centre. The city is ranked as the 5th richest city in the world in per capita income terms.
What is Cyprus known for?
The response is: (Show more) Cyprus, Greek Kípros, Turkish Kıbrıs, island in the eastern Mediterranean Sea renowned since ancient times for its mineral wealth, superb wines and produce, and natural beauty.
Is Cyprus a good place to live?
The response is: Cyprus is one of the EU’s most affordable places to live, especially considering this is a Mediterranean-island destination. Northern Cyprus comes at an even greater discount because it’s outside of the eurozone.
Is Cyprus a free country?
The Cyprus Police (Greek: Αστυνομία Κύπρου, Turkish: Kıbrıs Polisi) is the only National Police Service of the Republic of Cyprus and is under the Ministry of Justice and Public Order since 1993. In "Freedom in the World 2011", Freedom House rated Cyprus as "free".
Likewise, How many people live in Cyprus?
Response to this: According to the first population census after the declaration of independence, carried out in December 1960 and covering the entire island, Cyprus had a total population of 573,566, of whom 442,138 (77.1%) were Greeks, 104,320 (18.2%) Turkish, and 27,108 (4.7%) others.
Keeping this in view, Is Cyprus a good country?
Since gaining independence from the United Kingdom in 1960, Cyprus has had a record of successful economic performance, reflected in strong growth, full employment conditions and relative stability.
In this manner, How many people live in Cyprus?
In reply to that: According to the first population census after the declaration of independence, carried out in December 1960 and covering the entire island, Cyprus had a total population of 573,566, of whom 442,138 (77.1%) were Greeks, 104,320 (18.2%) Turkish, and 27,108 (4.7%) others.
Similarly, Where is Cyprus located? It is geographically in Western Asia, but its cultural ties and geopolitics are overwhelmingly Southeastern European. Cyprus is the third-largest and third-most populous island in the Mediterranean. It is located north of Egypt, east of Greece, south of Turkey, and west of Lebanon and Syria. Its capital and largest city is Nicosia.
Is Cyprus the healthiest Island in the world?
The answer is: With white-sand beaches, warm water, year-round sunshine, and one of the world’s healthiest diets, Cyprus, the third largest island in the Mediterranean, could be the answer. This lesser-known corner of Europe is a welcoming land of sunshine, ancient history, and romance.