Review of Cyprus Economy Essay examples -- essays research papers

REVIEW OF CYPRUS ECONOMYCyprus is a small, services oriented (services account for approximately 76% of GDP) free market place economy with a record of successful economic performance fast growth, full employment conditions, small(a) inflation & external and internal stability. In terms of per capita income, currently estimated at US $ 18,500, Cyprus is classified among the high income countries. It has serious business and financial services, modern telecommunications, an educated labor force and a sound legal system. Cyprus geographical location, tax incentives, and modern infrastructure to a fault make it a natural hub for companies looking to do business with the center(a) East, Europe, the former Soviet Union and North Africa. Cyprus entry into the EU in May 2004 marked the crowning point of protracted efforts over the geezerhood of its most important political and economic policy objective. As regards the economy, the harmonization process has transformed the whole eco nomic structure of Cyprus and full admission is expected to bring a number of positive results. At the similar time, EU membership is a challenge to the business community to sieve for increased competitiveness and the upgrading of quality of products & services.Economic growth in 2003 remained at the same levels as the previous year with the economy growing by 2% in real terms, mainly due to the containment of tourist demand. The low rate of economic growth for a second year in a row was reflected in the labour marke...