Review of Cyprus Economy Essay examples -- essays research papers

REVIEW OF CYPRUS ECONOMYCyprus is a small, services oriented (services history for approximately 76% of GDP) free market economy with a phonograph recording of successful economic performance Rapid reaping, full employment conditions, measly 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 good business and financial services, contemporary telecommunications, an educated labor force and a sound legal system. Cyprus geographic location, tax incentives, and modern infrastructure also make it a indispensable hub for companies looking to do business with the Middle East, Europe, the former Soviet articulation and North Africa. Cyprus entry into the EU in May 2004 marked the enthrone point of protracted efforts over the years of its most important semipolitical and economic policy objective. As regards the economy, the harmonization process has transformed the full-page economic structure of Cyprus and full accession is expected to bring a number of positive results. At the same time, EU membership is a challenge to the business community to strive for increased competitiveness and the upgrading of whole tone of products & services.Economic growth in 2003 remained at the same levels as the old year with the economy growing by 2% in palpable 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...