Cyprus

The economy of the Republic of Cyprus is developing, but it strongly depends on external risks, such as fluctuations in the number of tourists, changes in the economic situation in Western Europe.

Oats, wheat, barley, beans, potatoes, melons, tobacco, grapes, pomegranates, olives, almonds, walnuts, citrus fruits are grown in Cyprus. Viticulture is developed on the territory of the Republic. Cypriot wines are famous all over the world. Cyprus currently exports fresh vegetables, potatoes, fruit juices, canned fruits, citrus fruits, dairy products, fresh grapes, wines and spirits from agricultural products. Animal husbandry is developed in the mountainous areas of the island. Sheep, pigs, goats, cattle and poultry are bred here.

The island's agricultural sector suffers from droughts and a shortage of fresh water.

The Republic of Cyprus partially solves its problems in the economy and financial sector by granting foreign investors the right to obtain Cypriot citizenship in accordance with a special state program created by the Government.

The industry is mainly represented by export—oriented industries - sewing, knitting, footwear, tobacco. Its main areas also include: the production of food, beverages, leather goods, metal products, chemical products and plastic products.

The food industry produces meat and dairy products, olive oil and other vegetable oils, flour and confectionery products, juices, various canned vegetables, soft drinks, natural grape wines, beer, cigarettes; textiles and knitwear, detergents, perfumes and cosmetics, medicines, dyes, glass, cardboard, rubber products and much more.

There are mining companies on the island: copper, chromium, asbestos, and pyrite are being mined. There are also deposits of marble and gypsum. The manufacturing industry (dominated by small companies) uses modern methods of organization and management, produces high-quality products that are in demand not only in the domestic market, but also in foreign markets. There are enterprises in the chemical, cement, furniture, tobacco, textile and leather and shoe industries, and the production of certain types of agricultural machinery has been established. An oil refinery is operating.

The net installed capacity of power plants is 1,819 MW, including: thermal power plants burning organic fuels – 83.0%, renewable energy sources - 17.0%.