The Presidential Republic of Cyprus (according to the country's constitution, it has been such since 1960) is considered an actively developing country. Since independence, Cyprus has achieved a major breakthrough in industrial development. It produces products both for our own needs and for export. The introduction of innovative technologies is being actively carried out, research centers are being created. The main industrial sectors in Cyprus include the shoe, clothing, knitwear, tobacco industry. The food industry, chemical production, including plastic products, leather and metal products are also actively developing.
Oddly enough, but in the recent past, Cyprus lagged behind in agrarian terms, although it possessed quite serious territories for the development of agriculture. At the moment, agriculture makes an annual contribution of 3-4%. A more active development of agriculture is hindered by the unresolved military-political conflict with Turkey, as a result of which the most fertile lands came under the control of Ankara. Less than half of the land is cultivated in the Republic of Cyprus, some of which is artificially irrigated. Cereals, citrus fruits, nuts, olives, pomegranates, tobacco and, of course, grapes are grown here. Livestock breeding and poultry farms are developing in the mountainous regions of the country.
Tourism is an important component of the Cypriot economy. According to various estimates, in different years its contribution to the country's GDP reaches 20%. A Tourism Organization has been established in the Republic, the main goal of which is to increase the flow of tourists to the country, which brings income in foreign currency. In recent years, tourism revenue has grown by 45%.
Fishing is also actively developing in Cyprus. This is not to say that there are a lot of fish in the sea waters of Cyprus, but their diversity helps fishermen in part. In addition, the Department of Fisheries, which has been actively working since 1964, has at a serious level introduced a program for artificial breeding of sea fish.
One of the important sources of income for the country is the banking sector, as well as the services provided to foreign citizens for organizing enterprises with preferential tax conditions. It is also worth recalling that since 2008 the Republic of Cyprus has become a part of the Eurozone and its monetary policy largely depends on the actions of the ECB.
