Cyprus offshore company : Economy

The economy of Cyprus is prosperous and has diversified in recent years. According to the latest IMF estimates, its per capita GDP is just above the average of the European Union. Similar to all other countries that are a part of the European union Cyprus adapted the euro on January 1st 2008.
Oil has recently been discovered in the seabed between Cyprus and Egypt, and negotiations are underway between Lebanon and Egypt to reach an agreement regarding the exploration of these resources. The seabed separating Lebanon and Cyprus is believed to hold significant quantities of crude oil and natural gas.
The economy of the Turkish-occupied area is dominated by the services sector, including the public sector, trade, tourism and education, with smaller agriculture and light manufacturing sectors. The economy operates on a free-market basis.
The island has witnessed a massive growth in tourism over the years and as such the property rental market in Cyprus has grown along side. The tourism and service sector account for 78% of the GDP.