Cyprus is classified by the World Bank as a high income country. Its Economy is based on a free enterprise system and is primarily service-oriented with more than 65% of its population employed in the service sector, particularly tourism. Although industry and agriculture still employ close to 30% of the population, their contribution to the GDP is lower (21% for industry, 4% for agriculture) and declining.

Over the past ten years the economy of Cyprus has demonstrated spectacular growth and its currency has enjoyed relative stability.