Economy of Cyprus

The economy of Cyprus is classified by the World Bank as a high-income economy, and was included by the International Monetary Fund in the list of developed economies in 2001. On January 1, 2008, the country entered the eurozone and adopted the euro as its official currency, replacing the Cypriot pound at a fixed exchange rate. 
The Greek part of Cyprus is richer than the Turkish part and its economy is more stable, especially after Cyprus joined the European Union in 2004. The country's national product is 4.9 billion US dollars.