Cyprus Travel Guide

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Statistics

•GDP: US$22.97 billion (2009).
• Main imports: Consumer goods, raw materials, machinery, transport equipment and petroleum.
• Main exports: Pharmaceuticals, potatoes, citrus fruits, cement and clothing.
• Main trade partners: Greece, UK, Germany, Italy and Israel.

Economy

Figures released in May 2010 show that the Cypriot economy experienced negative growth of 1.7% in 2009 (3.8% in 2008). Inflation stands at 0.2% (4.7% in 2008). The country’s market economy is dominated by the service sector, which accounts for around four fifths of the economy. While tourism remains a mainstay of the Cypriot economy, the industry has been affected by the recent global economic downturn, as tourist arrivals were down by 10.9% in 2009.

Northern Cyprus depends on tourism and the service industry to form the backbone of its economy, and because of the embargo with Southern Cyprus it remains heavily reliant on the mainland Turkish economy for support. However, this may change; the Turkish foreign minister has recently said Turkey will open its ports to Cypriot ships if the gesture is returned.

Business Etiquette

Cypriots prefer face-to-face meetings rather than business via telephone or in writing, which are regarded as too impersonal. Business dress is similar to most European conventions.

Office hours: Typical office hours are 0800-1300 and 1500-1800 (winter), and 0800-1300 and 1600-1900 (summer).

Business Contacts

Cyprus Chamber of Commerce and Industry
38 Grivas Dhigenis Avenue, Chamber Building, PO Box 21455, 1509 Nicosia, Cyprus
Tel: (22) 889 800.
Website: www.ccci.org.cy

Conferences & Conventions

Many quality hotels have first class conference facilities; Nicosia is a popular destination for budget-priced conferences and has a number of modern facilities. Most 4- and 5-star hotels have at least basic conference and incentive facilities in what is very much a growing market. Advice can be obtained from the Cyprus Tourism Organization.