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Economy of Cyprus

Cyprus is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Cyprus is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Cyprus exports around $5.52 billion and imports roughly $9.9 billion. 9.8% of population in the country are unemployed. The total number of unemployed people in Cyprus is 116,530. In Cyprus, 15% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Cyprus is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.1% of GDP. The Gini Index of the country is 32.4. Cyprus is experiencing good equality. The majority of citizens in Cyprus fall within a narrow range of income, although some cases may show significant differences. Cyprus has a Human Development Index (HDI) of 0.845. Cyprus has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Cyprus is 1.924. Due to strong law enforcement presence and high social responsibility, Cyprus is very safe by international standards. The strength of legal rights index for Cyprus is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Cyprus is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

The depth of credit information index for Cyprus is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Cyprus has a credit rating score of BB-, and the prospects of this rating are positive. According to the Fitch credit-rating agency, Cyprus has a credit rating score of B+, and the prospects of this rating are positive. According to the Moody's credit-rating agency, Cyprus has a credit rating score of B1, and the prospects of this rating are stable.

Central bank

The prime lending rate of Cyprus's commercial banks is 6.1. In Cyprus, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Cyprus. Locally, the central bank of Cyprus is called Κεντρική Τράπεζα της Κύπρου, Kıbrıs Merkez Bankası. The average deposit interest rate offered by local banks in Cyprus is 5.5%.

Public debt

Cyprus has a government debt of 67.1% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Cyprus is set at 20%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Cyprus is 19%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Cyprus is $27516 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Cyprus was last recorded at $23 million. PPP in Cyprus is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Cyprus is 24,057 billion. Based on this statistic, Cyprus is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Cyprus was last recorded at $20 million. The average citizen in Cyprus has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Cyprus averaged -3.2% in 2014. According to this percentage, Cyprus is currently experiencing significant decline. Countries that are experiencing significant decline could be experiencing dramatic decreases in personal consumption, employment rate, and personal income. A significant decline in GDP should warn investors that this location poses a high level of risk and should not be considered a safe location for investment. To read more about financial information click on finances of Cyprus.

Industry

Major industries in the country are tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products. The total labor force of Cyprus is 615,920 people, wherein 9.8% of population in the country are unemployed. The total number of unemployed people in Cyprus is 116,530. The Industrial Production growth rate of Cyprus is 0.1%.To read more about industrial information within Cyprus click on industry of Cyprus.

Agriculture

There are 999 km2 of arable land in Cyprus, and it comprises 11% of the country's total territory. There are 1398 km2 of cultivated land in Cyprus. The country's major agricultural crops and products are citrus fruit, dairy, potatoes, grapes, olives, poultry, lamb.To read more about agriculture click on agriculture of Cyprus.