On its road to the euro, Cyprus has made remarkable progress in improving the living standards of its people, thanks to an extended period of stability-oriented macroeconomic policies.
Income per capita has gradually been approaching that of the euro area, increasing from 74% of the euro area average in 1997 to 85% ten years later, while the unemployment rate has remained fairly low, standing at between 3.5% and 5% over the past decade.