Mark Yannone - Arizona, District 3, 2004 Congressional Candidate, independent - click to return to home page
Issues - Foreign Aid - Foreign Aid Budget - Cyprus - An Economic Overview
Cyprus - map of the country

"When I was a boy, we didn't wake up with Vietnam and have Cyprus for lunch and the Congo for dinner."

Lyndon B Johnson, 36th US President
Conference on Educational Legislation 1 Mar 65
Cyprus has a record of successful economic performance, reflected in rapid growth, full employment conditions and external and internal stability, almost throughout the post-Independence period. The underdeveloped economy, inherited from Colonial Rule in 1960, has been transformed into a modern economy, with dynamic services, industrial and agricultural sectors and advanced physical and social infrastructure. In terms of per capita income, currently estimated at US $13.000 (2000), Cyprus is classified among the high-income countries. 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 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, the Cyprus economy has intensified its links to Europe. The relations with the European Union, the largest trading partner of Cyprus, are currently governed by a Customs Union Agreement, which basically provides for a gradual and mutual dismantling of trade barriers. In July 1990, the government of the Republic of Cyprus submitted an application to become a full member of the European Union. The European Commission, in its opinion on the application of Cyprus, recognised the ability of the Cyprus economy to adapt rapidly to the acquis communautaire. In March 1995, the Council of Ministers of the European Union declared that accession negotiations between the European Union and the Republic of Cyprus will begin six months after the completion of the Intergovernmental Conference, which opened its sessions in March 1996.

Substantive accession negotiations between Cyprus and the EU started on the 10th November 1998.

Find our more about Cyprus by clicking HERE

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