About Cyprus
Tryfonos Group welcomes you to Cyprus.
Cyprus is situated in the eastern Mediterranean, lying at the hub of 3 continents and close to the busy trade routes linking Western Europe with the Arab World and the Far East.
Cyprus' total area is 9.251 sq. kms and is comparable in size to Lebanon in the Middle East or Connecticut in the United States. The island's time zone is 7 hours ahead of New York and 7 hours behind Tokyo.
The island enjoys the best type of Mediterranean climate with about 300 days of sunshine per year. The bulk of the rain falls during the period from November to March. The coldest month is January with minimum and maximum mean temperatures of 6 degrees C and 13 degrees C, respectively, while in August, the hottest month, the corresponding minimum and maximum mean temperatures are 21 degrees C and 36 degrees C.
Cyprus' estimated population is 755.000 of which 85 percent belongs to the Greek Cypriot community and 12 percent to the Turkish Cypriot community, whilst the remaining 3 percent are foreign residents. Greek and Turkish are the official languages of the Republic but English is widely spoken and understood, and is regularly used in commerce and government.
Apart from the capital, Nicosia, with an estimated population of 194.000, all major cities are located on the coast. Limassol is the second largest city and the island's biggest port. Larnaca and Paphos, which are popular holiday resorts, are the third and fourth largest cities, respectively.
Cyprus has an open free market economy. The role of government is limited to regulation and the provision of public utilities. The island is often aptly referred to as a European country in the Middle East. Per capita GNP is over USD18.000, one of the highest in the Mediterranean.
Considering other socioeconomic indicators such as the excellent housing conditions, the pollution free environment and the low crime rate, one may conclude that the quality of life is better than that reflected by per capita income alone. Furthermore, the cost of living is substantially lower than in most countries offering a comparable standard and quality of life.
Nicosia ranks as eleventh least expensive of the leading 58 international business centers surveyed in Prices and Earnings Around the Globe, published by the Union Bank of Switzerland in August 2000.
The economy is driven by thriving tourist and service sectors and a fast growing export-oriented industry. In terms of their contribution to GNP the 3 most important sectors of the economy are: trade, restaurants and hotels; finance, insurance and business services; and manufacturing.
The performance of the economy has been such that it has combined high real growth with low inflation and low unemployment. Moreover, the economy is characterized by a low external debt service to exports ratio and a high international reserves to imports ratio.
Of the USD 4,7 billion annual gross foreign exchange earnings, 40 percent originate from tourism, 20 percent from exports, 9 percent from transportation and over 9 percent from international business and shipping companies.
Trade, hotels and restaurants is the economy' s most important sector. In fact, earnings from tourism have, in general, grown faster than domestic exports. Over 78 percent of tourist arrivals originate from the European Union.
Cyprus' main exports are pharmaceuticals, clothing, cigarettes, potatoes and citrus fruit. Manufactured goods and agricultural products account for 77 and 18 percent of domestic exports, respectively. With regard to imports, intermediate inputs and consumer goods are the most important categories, accounting for 29 and 24 percent of total imports, respectively. Cyprus' main trading partner is the European Union accounting for about 54 percent of imports and 43 percent of exports.
Since 1st of May 2004 Cyprus is a full member of European Union.