Key Facts

GDP (ppp) per CAPITA

$28,600 (2008 est.)

Inflation Rate

4.7% (2008 est.)

Population

796,740 (July 2009 est.)

Country Risk Ratings

A2

Ease of Doing Business

-/181

Global Competitiveness

40/134

Country Map

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gE Network

There are 7 members in the
gE Network for this country.

Cyprus : Introduction

A former British colony, Cyprus became independent in 1960 following years of resistance to British rule. Tensions between the Greek Cypriot majority and Turkish Cypriot minority came to a head in December 1963, when violence broke out in the capital of Nicosia. Despite the deployment of UN peacekeepers in 1964, sporadic intercommunal violence continued forcing most Turkish Cypriots into enclaves throughout the island. In 1974, a Greek Government-sponsored attempt to seize control of Cyprus was met by military intervention from Turkey, which soon controlled more than a third of the island. In 1983, the Turkish-held area declared itself the "Turkish Republic of Northern Cyprus" ("TRNC"), but it is recognized only by Turkey. The election of a new Cypriot president in 2008 served as the impetus for the UN to encourage both the Turkish and Cypriot Governments to reopen unification negotiations. In September 2008, the leaders of the Greek Cypriot and Turkish Cypriot communities started negotiations under UN auspices aimed at reuniting the divided island. The entire island entered the EU on 1 May 2004, although the EU acquis - the body of common rights and obligations - applies only to the areas under direct government control, and is suspended in the areas administered by Turkish Cypriots. However, individual Turkish Cypriots able to document their eligibility for Republic of Cyprus citizenship legally enjoy the same rights accorded to other citizens of European Union states.

Cyprus: Central Bank of Cyprus

The Central Bank of Cyprus provides monetary policy reports, economic data, currency and international banking information, and more. Information available in English and Greek.

Cyprus: Financial Mirror

The Financial Mirror is a leading weekly business paper in Cyprus that is published in English and also provides a Greek-language supplement. The publication covers business news in Cyprus and addresses issues like economic, financial, industrial and investment in the country. The information published online is available in English and Greek.

Sources:
CIA World Factbook (September 2009)
U.S. Dept. of State Country Background Notes (June 2009)