United States. Central Intelligence Agency, CIA World Fact Book, 2004 — Cyprus (2004)
“ The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy's vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU. EU-driven tax reforms in 2003 have introduced fiscal imbalances, which, coupled with a sluggish tourism sector, have resulted in growing fiscal deficits. As in the Turkish sector, water shortages are a perennial problem ”
