MAIN INDUSTRY IN CYPRUS

The Cypriot economy is prosperous and has diversified in recent years. Fitch Ratings recently downgraded Cyprus from A- to BBB, a full two notches lower because the rating agency felt the sovereign would be unable to access debt markets internationally. According to the latest IMF estimates, its per capita GDP (adjusted for purchasing power) at$28,381 is just above the average of the European Union. Cyprus has been sought as a base for several offshore businesses for its highly developed infrastructure. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. The Cypriot government adopted the euro as the national currency on 1 January 2008. Oil has recently been discovered in the seabed between Cyprus, Lebanon, Israel and Egypt and talks are underway between Lebanon and Egypt to reach an agreement regarding the exploration of these resources. The seabed separating Lebanon and Cyprus is believed to hold significant quantities of crude oil and natural gas. However the government of Cyprus states that the Turkish Navy does not allow the exploration of oil in the region. 

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