Cyprus celebrates 54 years of independence today

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Today marks Cyprus’ 54th anniversary of independence from British colonial rule with a military parade in Nicosia. Since gaining independence from the UK in 1960, Cyprus went on to become a member of the EU in 2004, adopted the euro as its national currency in 2008 and was listed by the IMF as one of the 31 advanced economies in the world in 2011.
Today marks Cyprus’ 54th anniversary of independence from British colonial rule with a military parade in Nicosia. Since gaining independence from the UK in 1960, Cyprus went on to become a member of the EU in 2004, adopted the euro as its national currency in 2008 and was listed by the IMF as one of the 31 advanced economies in the world in 2011.

Throughout its history the Cyprus economy has experienced external shocks that have been followed by astonishing revival. The Turkish invasion in 1974 of the northern part of the island led to a sharp real GDP contraction of 16.9% in 1974. But hard work and collective focus led to a rapid bounce back, with growth of 18.2% in 1976, followed by an uninterrupted period of strong growth lasting more than 30 years.

After independence took place, the economy has gone through several transformations: from an exporter of minerals and agricultural products in 1961-73, an exporter of manufactured goods from the late 1970s to the early 1980s, today the economy is mainly built upon the services sector, including tourism, financial services and real estate, which accounts for over 80% of the island’s total GDP and around 75% of employment.

The defence ministry said that infantry and mechanised units of the National Guard, the Greek Forces in Cyprus, the police and the fire service will take part in the parade on Iosif Hadjiosif Avenue, Strovolos in Nicosia. There will also be a 21-gun salute.