European accession boosts Cyprus economy
The economy of Cyprus seems to be benefiting from the European Union effect, as recent figures show further signs of growth.
According to official statistics, the country's EU-harmonised economy grew by 1.1 per cent during October - the third month in a row that there has been growth in the Cypriot economy.
The results suggest that the country is benefiting from European interest and the accession to the EU has opened up the country to an increase in investment opportunities.
Housing was one of the areas that saw the greatest growth over the month and has been a sector that has helped to drive the country's economy in recent months. This is being boosted by interest from foreign investors, as Europeans begin to realise that the accession of Cyprus into the EU means it is now much easier to do business in the country. The Cypriot inflation reached 2.2 per cent compared with October 2004, highlighting the impact that the European influence is having on the country. Investing in property in Cyprus is becoming ever more popular, especially as the country has relatively low prices when compared to some countries in Europe. Therefore, the property boom in the country looks set to continue, with property investment likely to be encouraged as a way of ensuring the economy remains healthy.
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