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.