OVERVIEW:
The Cypriot economy is small, diversified, and prosperous. Industry contributes 16.5% to GDP and employs 29% of the labor force, while the service sector contributes 62% to GDP and employs 57% of the labor force. Rapid growth in exports of agricultural and manufactured products and in tourism have played important roles in the average 6.8% rise in GDP between 1986 and 1990. This progress was temporarily checked in 1991, because of the adverse effects of the Gulf War on tourism. Nevertheless in mid-1991, the World Bank "graduated" Cyprus off its list of developing countries.