The world bank considers Cyprus as a high-income economy, and it is also included in the list of the world's most advanced economies. The dominating sector here is the service sector, which makes up 80% of the country's overall GDP. With a slight recession faced in 2009, the country's economy is now growing at 3%. Despite severe restrictions during the pandemic, Cyprus's employment rate did not fall. Remarkably the unemployment rate has decreased from 8.37% to 7.23% in the past two years.
Total population: 1.20 million+
GDP: the US $23.967 billion (2021)
According to an article published in the local European newspaper, the struggling economies were suggested to take lessons from Cyprus Island. This Mediterranean island's economy witnessed a speedy recovery in the past few months after being severely hit by the pandemic. The country's GDP is expected to reach 29.15 billion USD by the end of 2023, and currently, it is growing at a rate of 3.02% and is predicted to increase up to 3.09% in the coming year. Apart from this, the unemployment rate is also predicted to decrease gradually.
Cyprus has an open, free-market, and service-based economy. The country's geographical location is considered as a bridge between the east and the west, the evidence of which is the presence of a sizable English-speaking community, world-class infrastructure, robust telecommunication services, and several other facilities. Post-independence, Cyprus built a successful independent economy that is growing fast and promises permanent and better employment opportunities.
General expenses and budget in Cyprus are like that of the European countries like Spain and Croatia. The country is not expensive, but the budget varies with location and lifestyle. An individual needs to spend around US $827 on average. But the living cost here is 12.38% lower than that of the United States.
| Category | Area of expense | Range in USD |
|---|---|---|
| Utilities | Electricity, Water, Heating, Internet services, Prepaid mobile tariff | US $827 - US $2,916 |
| Apartment rents | Apartment (1 room) in city and outside city, | |
| Apartment (2-3 rooms) In the city and outside the city. | US $537.33 - US $656.74 | |
| Transportation Cost | One way ticket local transport, Taxi tariff, Gasoline. | US $5.97 - US $23.88 |
| Food and Beverage | Grocery, Vegetables, Meat and Poultry | US $2.00 - US $50.00 |
| Salaries and Financing | Average monthly salary | US $ 45,579 |
The renting costs in Cyprus vary with location and the lifestyle selected. Some places can be expensive to live in, while others are quite affordable. A one-bedroom apartment may cost around US $537.33 - US $656.74 per month, but this also depends on the area preferred.