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Economic Developement

In: Business and Management

Submitted By ELeon
Words 1139
Pages 5
CYPRUS
• ECONOMIC DEVELOPMENT • CHANCES • RISKS

Internationale Volkswirtschaftslehre IB - MA

Contents:
I. Economic Development II. Chances (Opportunities) III. Risks IV. Theses

I. ECONOMIC DEVELOPMENT

Source: provided by the CIA, 2006. As a product of the U.S. Government, this map in the public domain.

Background:
Geography: • 3rd largest island in the Mediterranean • 81st largest by area (9,251 km2) • 49th largest by population (1,088,503 people) Government: • Presidential Republic • Capital: Nicosia • Official Languages: Greek, Turkish

Background:
History • 1960 - Independence from the United Kingdom • 1983 - Turkish Cypriot-occupied area declared itself the "Turkish Republic of Northern Cyprus" • post-1974 period Transformation: o from an underdeveloped country into open, free market economy o from agriculture to light manufacturing and serviceoriented economy

International Relations & Memberships
• • • • • • • European Union (2004) and Eurozone (2008) The World Trade Organization (1995) The International Monetary Fund (IMF) (1962) The World Bank (1962) The Commonwealth (1961) The Council of Europe (1961) The United Nations (1960)

Joining EU
• 1990s - Fiscal and Monetary reforms • from 2000 - Economic growth at a rate above the EU average • 1st May 2004, Cyprus a full member of the European Union • 1st January 2008, euro adopted the as national currency at the irrevocable fixed exchange rate €1 = CY£0.585274.

Key Industrial Sectors
Transport and communication 7% Construction 7%

Contribution to GDP (%)
Agriculture
Other 4% 7%

Manufacturing 2% Services (including tourism) 73%

Source: Statistical Service of the Republic of Cyprus -­‐‑ March 2011

International Trade
Export-­‐‑Import...

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