Economic Growth of 2,6% for Cyprus in Q1
- Written by: Bridgewest
- Posted: 2016-06-14
With a powerful culture comprised of two nationalities, Turkish and Cypriot, Cyprus is an interesting and attractive investment location. The local economy is developing very fast and one of the main indicators in this sense is the fact that following its admission within the European Union’s (EU) area, in 2004, the country adopted the European currency four years later, in 2008. Foreign investors are advised to invest here, as the economic framework provides positive results. In the first quarter of 2016, the economic growth in Cyprus was set out at 2,6%; our team of Cypriot lawyers can offer more details on the results of the main local industries.
Economic increase in Cyprus
Entrepreneurs who want to open a company in Cyprus can invest on the local market, due to a solid economic increase. In the first quarter of 2016 (the period from January to March) the local economy developed by 2,6%, compared to the same period of 2015.
The Gross Domestic Product increased in Cyprus as an effect of the activity registered in several industries, as follows:
• hospitality sector;
• technical activities;
• professional activities;
• construction sector;
Our team of Cypriot attorneys can offer an in-depth presentation on the characteristics of the main local industries.
The Cypriot economy
The World Bank mentioned Cyprus as being a high-income economy. One of the main pillars of the local economy is represented by tourism. Cyprus represents a perfect location for small to medium-sized companies and it is important to know that it provides, besides a strategic business location, an integrated system of transportation and logistics.
More than 80% of the Cypriot economy is sustained by the tourism industry, which employs more than 70% of the local workforce. As such, any type of business which is related to tourism (such as a travel agency) can have real prospects for success here.
Cypriot economy is also based on agriculture, but also on the manufacturing of products such as: food, beverages, pharmaceutical products, mineral and chemical products.
Investors interested in receiving more details on the characteristics of the Cypriot economy can address to our law firm in Cyprus.