The Cyprus economy is based on the free enterprise system. The private sector is the backbone of economic activity, with the Government’s role being limited to monitoring the economy and the provision of public utilities.
The main economic indicators of the Cyprus economy are given in the table below:
| Key
Economic Indicators |
2002 |
2003 |
2004 |
2005 |
2006 |
| Inflation
rate |
2,80% |
4,14% |
2,99% |
2,56% |
2,49% |
| Registered Unemployed |
3,1% |
3,5% |
3,6% |
3,7% |
3,6% |
Gross Domestic Product
(C£ million)
|
6.426,1
|
6.883,5
|
7.405,8
|
7.879,1
|
8.379,7 |
| Gross Domestic Product (Real Growth) |
2,0% |
1,8% |
4,2% |
3,9% |
3,8% |
| Gross Domestic Product Per Capital
(C£) |
9.042 |
9.528 |
10.026 |
10.372 |
10.870 |
| Central Government Deficit (C£
million) |
(283,2) |
(446,9) |
(301,8) |
(190,5) |
(101) |
Source: Central Bank of Cyprus - December 2007
