Where do we stand?

Cyprus: The Republic of Cyprus

  • an island country in the Eastern Mediterranean sea.
  • a major tourist destination in the Mediterranean.
  • its strategic location has played an important role in establishing Cyprus as a business hub.

Cyprus became politically independent from British rule in 1960. The Turkish invasion, launched on 20 July 1974, resulted in the occupation of 35,2% of the island’s territory and about 200.000 Greek Cypriots were displaced.


0.875 Million  or 875K in total (2018)  > 15-64 years old is 67,8% of population.

Most of the Population lives in Limassol and in Nicosia (the capital city of Cyprus).

G20 Countries

Comparing Cyprus with G20: The G20 is made up of a group of nations with the most advanced and emergency economies in the world. These countries make up about 85% of global GDP, over 75% of global trade, and approximately two-thirds of the world’s total population.

Government and Administration:

  • Under the 1960 constitution, executive power > President elected for a five-year term.
  • Exercised through a council of Ministers appointed by him.
  • The House of Representatives is the parliament of the Republic of Cyprus – Legislative organ of the Republic.
  • Judiciary: Administration of Justice, a separate and independent body.
Source: Statistical Service of Cyprus (2019)

Currency (Fiat)

Euro, divided into 100 cent

EU Member

On 1 May 2004 the Republic of Cyprus became a full member of the European Union and in January 2008 Cyprus joined the

Should you need further information/general statistics regarding Cyprus please consider downloading for free this document prepared by the Statistical service of Cyprus, the competent authority responsible for the compilation and the publication of most of the official statistical data in Cyprus. The Statistical Service, although functions under the Ministry of Finance, maintains its autonomy in technical matters and has exclusive responsibility for the choice of methodology, technique, definitions and procedures for the realization of the programs of statistical activities, as well as for the publication of the statistical data produced.

The “Conservative” Cypriot Consumer

What is the cost of living for a conservative Cypriot who lives alone???

    Excel File - Free Download yours here

Taxable Income Calculation Example

Download the excel and set your own figures to check if your payslip is correctly calculated!

    Excel File - Free Download yours here

Major Economic Indicators

Where is the Cypriot economy headed? “Major Economic Indicators” are measures of how well the economy is doing. They refer to data, usually at the macroeconomic scale. We provide you with the recent macroeconomic data and update them from time to time.

Real GDP/GDP with Constant Prices

Historical Data the past 10 years. The Great Recession was the worst financial crisis in the United States since the 1929 Depression, from December 2007 to June 2009. The subprime mortgage crisis was the trigger. This pushed a tidal wave of financial and currency turmoil toward Europe from 2009 through 2012. The graph shows clearly that Cyprus was greatly affected since Real GDP (measure of Gross Domestic Production,keeping prices constant) dropped heavily, until 2015 when the Economy started slowly to recover and keep reaching higher and higher level through the years.

Unemployment Rate

Historical Data the past 10 years. Again we see how the tidal wave of financial and currency turmoil toward Europe from 2009 through 2012 has affected Cyprus. The crisis had is peek during the period 2013 -2015. Huge unemployment means businesses closing down, less and less needs satisfied, mortgage loans default and more.

Following recent developments, unemployment rate in Cyprus increased to 7.70 percent in November from 7.30 percent in October of 2019.

Inflation Rate

Historical Data the past 5 years. This data on Inflation show that it was volatile for this period and in critical levels. Inflation rate dropped during the years of crisis with levels below 0. The graph shows an upward trend towards a positive rate. It jumped to 0.7 percent year-on-year in December 2019. The widely considered “healthy” yearly rate is 2.5%.

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