Cyprus
The light green area is the rest of the European Union
Cyprus was the 107th largest economy in the world by nominal GDP in 2018. GDP per capita is $28,159 USD. It is ranked 28th in the World Bank's Human Capital Index and 45th in the Logistics Performance Index. It has been a member of the EU since May 2004 and adopted the euro in January 2008. Services was the largest economic sector in 2018 (73 percent of GDP), followed by manufacturing (4.7 percent), and agriculture (1.7 percent). In 2017, the largest export sectors were services (75 percent) and vehicles (5.4 percent). The largest individual exports were travel and tourism (21 percent), transport services (20 percent), insurance and finance (17.4 percent), and ICT services (16.6 percent). Its largest export partners were Greece (11 percent), Israel (9.5 percent), Libya (7.8 percent), and the UK (4.7 percent). The largest goods imports were refined petroleum (14 percent), cargo ships and similar vessels (11.8 percent), special function vessels (4.6 percent), and other vessels (3.94 percent). Following independence from the UK in 1959, the government pursued import substitution, and developed agriculture, and tourism. Initially agricultural exports led the way but was soon eclipsed by manufacturing, and tourism. After the conflict with Turkey in 1974 and the large internal migrations, Cyprus pursued labour-intensive industries such as textiles and clothing, which led to full employment by 1977. During the 1980s, tourism emerged as the main driver of the economy with new resorts and infrastructure built in the south. The shipping industry also grew rapidly and since Cyprus' entry into the EU, it has become a major player in the European shipping industry due to its location, skilled workers, and tax incentives. Accession to the EU also led to the liberalisation and growth of the banking industry. Fuelled by domestic credit, Cyprus' two largest banks expanded aggressively, spurring economic growth. However, when the Greek debt crisis hit in 2010, the banks were left exposed and in 2013, the government received a bail-out from the EU and IMF. By 2015, the economy had recovered from the 2012-2013 recession with strong growth in service exports.