Cyprus is a small island country located in the Mediterranean Sea, and inhabits a population of about 850,000. Despite an (expected) slight increase in population growth over the next few years, the fertility rate of the country is on a decreasing trend, which means less children are born to replace the share of inhabitants leaving or dying. In 2015, the fertility rate amounted to 1.35 children per woman, the lowest quota in the last 10 years. However, life is good on Cyprus in general, as is the living standard. As a result, life expectancy has increased by almost two percent since 2005, reaching its peak value to date, at 80.29 years. Cyprus is the third largest and populous island in the Mediterranean. The capital Nicosia is home to roughly 250,000 people alone. In May 2004, Cyprus became a member of the EU and adopted the euro as its national currency.
The Republic Of Cyprus gained its independence from the United Kingdom in 1960, and later on, due to the outbreak of communal strife between the two main ethnic inhabiting communities, a separation between these group occurred. Currently, the Turkish Cypriot Community, located in the northern part of island, declared itself the Turkish Republic of Northern Cyrpus. The Turkish Republic of Northern Cyprus has its own government and its constitution differs from the Republic of Cyprus one. Greek and Turkish are the official languages spoken in the country. In addition to these two, English and Russian are spoken by a significant share of the population.
Due to the country’s location and climate, the service sector, which includes trade and tourism, employs the vast majority of the workforce, contributing by roughly four-fifths to the economic output. Although it reported a negative GDP growth rate between 2012 and 2014, Cyprus' economy recovered quickly and was out of the red again by 2015. The most important export and import partner is Greece with a share of about 11 percent in all exports, and 25.7 percent in all imports.
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