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
Capital city meaning "head". In several English-speaking states, the terms county town and county seat are also used in lower subdivisions. In some unitary states, subnational capitals may be known as "administrative centres". The capital is often the largest city of its constituent, though not always. Historically, the major economic centre of a state or region often becomes the focal point of political power, and becomes a capital through conquest or federation. (The modern capital city has, however, not always existed: in medieval Western Europe, an itinerant (wandering) government was common.) Examples are Ancient Babylon, Abbasid Baghdad, Ancient Athens, Rome, Constantinople, Chang'an,