CYPRUS
the european times
CYPRUS
Cyprus’s Fact File Economy at a glance Inflation rate: Exports commodities:
Exports partners: Imports commodities: Location:
North-East corner Mediterranean Sea
Climate:
temperate; Mediterranean with hot, dry summers and cool winters
Average daily temperature:
24 degrees C
Capital:
Nicosia
Population:
796,740 (2009 estimate)
Official Languages: Greek, Turkish, English Religions:
Greek orthodox, Muslim
Area:
9,250 sq m
Currency:
Euro
Coastline:
648 km
Terrain:
central plain with mountains to north and south; scattered but significant plains along southern coast
Government type:
Presidential Democratic state
Imports partners:
3.3% (2011 est.) pharmaceutical products, cement, cigarettes, paper products, plastic products, potatoes, citrus fruit, wines, and furniture UK 15.1%, Greece 14.2%, France 7.7%, Germany 4.9%, UAE 4.2% raw materials, consumer and capital goods, transport equipment and fuel Greece 17.6%, Italy 11.4%, Germany 9%, UK 8.9%, Israel 6.3%, France 4.3%, Netherlands 4.3%, China 4.2%
Transportation:
13 airports, 10 heliports, road network: 7,979km
GDP per capita:
€ 21,544
Global Competitiveness: Cyprus was ranked number 47 out of 142 countries by the World Economic Forum “Global Competitiveness Report 2011 – 2012” Cyprus Economic Indicators: Indicator
2007
2008
2009
2010
Real GDP Growth (annual % change)
5.1
3.6
-1.7
1.0
Inflation Rate (%) Unemployment
2.4
4.4
0.2
2.6
Rate (%)
3.0
3.7
5.3
6.2
Source: Cyprus Ministry of Finance, Central Bank of Cyprus
Business environment Economic Cyprus’s economic freedom score is 73.3, Freedom: making its economy the 18th freest in the Heritage Foundation 2011 Index
2
Human Development Index:
Cyprus is ranked 31st in the world out of 187 countries according to the 2011 Human Development Report, with a Human Development Index (HDI) value of 0.840. The Human Development Index (HDI) focuses on three measurable dimensions of human development: living a long and healthy life, being educated and having a decent standard of living
Operating costs:
Cyprus offers one of the lowest set up and operating costs within the EU