Economy of Cyprus levels of those that live in the capital city: citizens living in the capital express lower levels of happiness. As found in this study, citizens of Cyprus that live in its capital, Nicosia, are significantly less happy than others whether or not socio-economic variables are controlled for. Another finding was that the young people in the capital are unhappier than the rest of Cyprus; the old are not. 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 its list of advanced economies in
History of nationality in Cyprus applied for membership, Cyprus asked the European Community for an institutionalized arrangement given their heavy dependence on British exports and the prospect of losing the preferential tariff rate. However, after the British withdrew their application, Cyprus interest remained dormant until 1972 when the British admission into the community was certain. The agreement was delayed due to the Turkish invasion of Cyprus in 1974, as it had disastrous effects on the Cyprus economy. The agreement was finally signed in 1987. What is important to note about Cyprus’ application for membership is that it was made on behalf of the entire population