Larnaca Economy

Larnaca significantly supports the economy of Cyprus. This important tourist resort has a commercial port and an international airport. Also, there is an oil refinery, which lies to the north of the city. The city is home to most of the industries of Cyprus.

As Larnaca has plenty of tourist spots with restaurants, luxurious beach hotels, resorts and a good transportation service, it is emerging as a popular tourist destination in Europe.

Being one of the most important cities in Cyprus, the economy of the city Larnaca contributes heavily to the economy of Cyprus.

After being part of the European Union, Cyprus adopted the Euro as a national currency on 1 January 2008. Also, the island of Cyprus has achieved the third-highest position in terms of per capita GDP in the European Union after Luxembourg and Malta.

The economy of the Cyprus island mostly depends on the service sector, trade, tourism, education, agriculture and light manufacturing sectors. Though it is affected by some factors like lack of investments, high freight costs and a shortage of skilled labours. The main industries include import-export of agricultural products, poultry business, fishing and manufacturing of clothing and footwear. Some industrial sectors like processed foods and beverages, paper, chemicals, textiles, metal products, and refined petroleum also provide strong support to the country’s economy.

The tourism industry is playing a vital role in contributing to the economy of Cyprus. The tourist inflow from all parts of Europe to Cyprus is showing gradual growth. The United Kingdom is the main source of tourist traffic.