 Cyprus Economy
2005 was a year of great importance for Cyprus due to the significant challenges that had to be faced. The Cyprus economy was facing an adverse environment. In the EU member states the rate of growth exhibited a deceleration and the price of oil rose sharply. Notwithstanding these developments Cyprus achieved remarkable results with all the indexes that show improvement.
At the same time, the Government promoted important social measures to alleviate the burden on low income classes.
Cyprus accession to the Exchange Rate Mechanism II, in May 2005 topped the successful course of the Cyprus economy.
The economic policy depends on two basic interconecting
- The revised Convergence Programme, building upon the foundations of 2005, sets particularly ambitious, nonetheless, realistic fiscal targets.
- the promotion of structural reforms in a wide spectrum of sectors, through the implementation of the National Lisbon Programme.
The successful implementation of these objectives will also facilitate Cyprus´ accession course to the euro zone on January 1st 2008.
 Current Economic Developments
Labour
Inflation
Public Debt
Accesion to the Euro zone
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