CYPRUS

Official Name:  Republic of Cyprus
Capital: Nicosia (Lefkosia)
European Union:  Member since 1st May 2004
Time:  +2 hours GMT (three hours ahead in Summer)
Measures:  Metric system

Geography

Location:  Cyprus is located in the extreme northeast corner of the Mediterranean, at the crossroads of Europe, Asia and Africa. The island lies 71 km south of Turkey, 105 km west of Syria, and some 800 km east of Greece.
Structure:  The third largest island in the Mediterranean Sea (after Sicily and Sardinia), Cyprus measures 240 km latitudinal and 100 km longitudinally. The island has a central plain with mountains to the north and south and scattered plains along the southern coast. Cyprus has 648 km of coastline.
Area:   9,251 sq. km (3,355 sq. km are in the occupied area).
Climate:  Mediterranean climate, with long, warm, dry summers from May to October and mild winters with occasional rain, lasting from December to February.
Average summer temperature: 34°C
Average winter temperature: 13°C
All year round mean temperature: 23°C

People

Population:  848,300 (Republic of Cyprus, December 2015)

Population by District:
Capital: Nicosia (Lefkosia)   330,000 
Limassol (Lemesos) 237,000
Larnaca (Larnaka)                 144,200 
Paphos (Pafos)                        90,200
Famagusta(Ammochostos) 46,900

Nationality:  Cypriot
Descendants:  Greek Cypriots trace their origins to the descendants of the Achaean Greeks and later the Mycenaean Greeks. Turkish Cypriots are descendants of the Ottoman settlers.
Religions:  Greek Orthodox 78%, Muslim 18%, other (includes Maronite and Armenian Apostolic) 4%
Ethnic Composition: Greek Cypriot Community 71,8%, Turkish Cypriot Community 9,5%, Foreign Residents 18,7% (data refers to the whole island, end of 2011).
Languages:  Greek (official), Turkish (official), English is also widely spoken
Literacy:  97.6%
Median Age:  34.8 years
Life Expectancy:  80.9 years
Population Growth:  0.2%
International membership: European Union, United Nations, Council of Europe, Commonwealth, World Bank and International Monetary Fund

Government

Form of State: Presidential Republic
Head of State: Nicos Anastasiades
Suffrage:  Universal, 18 years
National Legislature: Based on adult suffrage. Government elected every five years
Elections: Last held February 2013. Held every five years
Legal System: The Cypriot legal system is based on English common law, with civil modifications
Juridical Branch: The Supreme Court of the Republic, The Assize Courts and District Courts

Economic Overview

Total GDP at Market Prices (euro): 17.9 billion (2016 estimate)

GDP per Capita (euro): €21,152

GDP Growth: 

2.8% (2016)

2.5-3% (2017 estimate)

 

GDP by Sector:

Services 81.7%

Industry 15.9%

Agriculture 2.4%

 

Inflation: -1.2% (2016)

Economic Sectors: Tourism, financial services, real estate, shipping, industry

Currency: euro

Main Trading Partners: UK, Greece, Germany, Italy, Israel, France, China

Trade: euro

Fiscal Year: Calendar year

Corporate Tax Rate: 12.5%

Time to start up a business: 1-3 days

Accounting Standard: IFRS

 

Sovereign Ratings: (March 2017)

BB+ Standard & Poor’s

BB- Fitch

B1 Moody’s

 

Unemployment:

14.3% (December 2016)

12% (2017 estimate)

Public Holidays 

2017 Public Holidays
1 January New Year’s Day
6 January Epiphany
27 February Green Monday / Shrove Monday
25 March Greek Independence Day
1 April Greek Cypriot National Day (EOKA)
14 April Greek Orthodox Good Friday
17 April Greek Orthodox Easter Monday
1 May May Day
5 June Pentecost (Kataklysmos)
15 August Assumption of the Virgin Mary
1 October Cyprus Independence Day
28 October Greek National Day (Ochi Day)
25 December Christmas
26 December Boxing Day / 2nd Day of Christmas