Blog
National wealth of Cyprus on the rise
September 23, 2019
Cyprus’ national wealth is on the rise again with GDP getting higher and higher following the harsh years of the economic crisis. The crisis resulted in reduced salaries and reduced business turnover that followed unavoidably led to the loss of national wealth.
But the push by foreign investors in the construction sector and related services as a result of the island’s citizenship by investment scheme has helped in sustaining the Cypriot economy’s development at relatively high levels. In recent years, tourism and construction have been the backbone of the economy.
The country’s national wealth, the Gross Domestic Product, is gradually but steadily rising from the very low of €16.43 billion recorded in 2013. It is expected to reach €21.35 billion by 2020. National wealth lost in one year between 2012 and 2013 was estimated at €1.3 billion.