Cyprus Tenders

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Capital Nicosia
ISO 3166 Code CY
Population 858,000
Area, Sq KM 9,250
Currency Euro
Official Language Greek, Turkish
GDP, Billion USD 22,767
GDP Growth Rate, % -3.2
Inflation, Avg CP, % Chng 0.05
Interest Rates, % N/A
Unemployement Rate, % 19.23
Exchange Rate, 1 USD Equals .88
International dial code 357
Time Zone GMT+02:00
Internet TLD .cy

Cyprus is an island country which is located in the Eastern Mediterranean Sea and is officially known as Republic of Cyprus. This country is not only third largest but also third populous island in the Mediterranean. The country is 81st largest in terms of area in the world and 51st largest in terms of population. Cyprus is also a member state of the European Union. The country is located in northwest of the Gaza Strip and Israel, south of Turkey, west of Lebanon and Syria and east of Greece along with north of Egypt. The island is dominated by two mountain ranges such as The Kyrenia Range and The Troods Mountains. The Troods Mountains cover most of the western and southern portions of the island. In 1878, Cyprus was placed under British administration and was formally annexed by Britain in the year 1914 which led to the partition of Cyprus and creation of Turkey. The inter-communal violence between the Turkish Cypriots and Greek Cypriots took place and which lasted for 11 years. In 1983, a separate Turkish Cypriot state was established in the north. Therefore, the Republic of Cyprus is divided into two main parts. The area that comprises over 59% of the island's area is controlled by the republic and the north is administered by the Turkish Republic of Northern Cyprus. The economy of Cyprus has diversified and prospered lately. However, the economy was affected in 2012 because of the Eurozone banking and financing crisis and the government expressed the need of 1.8 billion Euros foreign aid so that it can lend support to Cyprus Popular Bank. As per the International Monetary Fund and their recent estimates, the per capita GDP in PPP of Cyprus is estimated to be 28,381 dollars which is just above the European Union. On the 1st of January in the year 2008, the government of Cyprus adopted Euro to be the national currency of the country. Because of its low taxes, the country is considered as a base for various offshore businesses. Shipping, financing services and tourism play an essential role in the enhancing the economy of the country. In fact Cyprus has become a popular and famous tourist destination in the Mediterranean. The high income and advanced economy of the Cyprus despite of its setbacks has helped the country to earn great rankings in the Human Development Index. The country is also a member of Non-Aligned Movement.

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