Economy
Cyprus is a small and adaptable free-market economy with a great long-term outlook although the current challenging environment does not show that. The island, located at the crossroads of three continents, promotes itself as the business gateway between Europe, Asia, the Middle East and Africa, and leverages its highly educated, English-speaking population, and communications technology infrastructure to attract international business and investment. Particularly in natural gas exploitation following the recent discovery of significant reserves in Cyprus’ waters. Some of their main industries are: pharmaceuticals, food, beverages, chemicals, mineral products, machinery and equipment. Of these only pharmaceuticals and non-metallic minerals have experienced growth in recent years. Today manufacturing contributes approximately 6.5% of GDP (gross domestic product) and accounts for 9% of people in employment. The main destination for Cypriot manufactured exports is the European Union, which constitutes over 50% of the market. Exports to the Middle East make up around 15%.
Exchange Rate
One hotel room in Cyprus would be fourty-seven euros and seven cents, while a hotel here in the US would be $59.00 a night! The Euro is .73 cents while a USD is $1.00!
Industries & Jobs
Some of the main industriea in Cyprus are: tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products. Many, Many of their jobs involve exporting these things, or processing and making them! Other jobs include tourism and building!