Economic Conditions
- Petros Philippou
- Mar 8, 2024
- 1 min read
Cyprus’ economy is based on a free enterprise system.
The Government’s role has been limited to the regulation, indicative planning, and the provision of public utilities. The tourist service has become the island’s most important sector. Out of the total 2.0 million long-stay tourists who arrive every year in Cyprus, about 60% originate from the European Community. About 49% of the total trade of Cyprus also comes from the European Community.