CYPRUS / SALARY

SALARY SURVEYS

632

UPDATED
April 2024
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AVERAGE SALARY / YEAR

MOST TYPICAL SALARY / YEAR

Gross income

Net (after tax)

0.91 EUR = 1 USD

€41,368 EUR

$45,688 USD

Limassol

€41,780 EUR

€19,919 EUR

$22,000 USD

Including "Limassol"

Excluding "Limassol"

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Average Salary / Cyprus

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Average salary in Cyprus is €41,368 EUR per year. The most typical earning is €19,919 EUR. All data are based on 632 salary surveys. Salaries are different between men and women. Men receive an average salary of €44,004 EUR. Women receive a salary of €36,942 EUR.

The most paid careers are Health Care & Medical with average income €107,929 EUR and Management & Business with income €63,653 EUR.

Based on education, the highest salaries receive people with Doctorate Degree with salary of €57,405 EUR. The second most paid education level is Masters Degree with salary of €45,000 EUR.

Different experiences affect earning as well. People with 20+ Years of experience receive salary of €66,097 EUR. Employees with 16-20 Years of experience receive €53,331 EUR.

Levels / Cyprus (Gross EUR)

Salary Levels (EUR) per Year	Surveys	[%]
€2,700 EUR - €4,499 EUR	0	n/a
€4,500 EUR - €9,099 EUR	6	100% 0.95%
€9,100 EUR - €13,599 EUR	32	99.05% 5.06%
€13,600 EUR - €18,099 EUR	68	93.99% 10.76%
THE MOST TYPICAL SALARY
€18,100 EUR - €22,599 EUR	84	83.23% 13.29%
€22,600 EUR - €27,199 EUR	71	69.94% 11.23%
€27,200 EUR - €31,699 EUR	64	58.7% 10.13%
€31,700 EUR - €36,199 EUR	48	48.58% 7.59%
€36,200 EUR - €40,699 EUR	37	40.98% 5.85%
€40,700 EUR - €45,299 EUR	32	35.13% 5.06%
€45,300 EUR - €49,799 EUR	25	30.06% 3.96%
€49,800 EUR - €54,299 EUR	30	26.11% 4.75%
€54,300 EUR - €58,899 EUR	13	21.36% 2.06%
€58,900 EUR - €63,399 EUR	20	19.3% 3.16%
€63,400 EUR - €67,899 EUR	19	16.14% 3.01%
€67,900 EUR - €72,399 EUR	6	13.13% 0.95%
€72,400 EUR - €76,999 EUR	8	12.18% 1.27%
€77,000 EUR - €81,499 EUR	8	10.92% 1.27%
€81,500 EUR - €85,999 EUR	10	9.65% 1.58%
€86,000 EUR - €90,499 EUR	7	8.07% 1.11%
€90,500 EUR - €95,099 EUR	2	6.96% 0.32%
€95,100 EUR - €99,599 EUR	6	6.65% 0.95%
€99,600 EUR - €104,099 EUR	5	5.7% 0.79%
€104,100 EUR - €108,699 EUR	2	4.91% 0.32%
€108,700 EUR - €113,199 EUR	6	4.59% 0.95%
€113,200 EUR - €117,699 EUR	0	n/a
€117,700 EUR - €122,199 EUR	6	3.64% 0.95%
€122,200 EUR - €126,799 EUR	4	2.69% 0.63%
€126,800 EUR - €131,299 EUR	1	2.06% 0.16%
€131,300 EUR - €135,799 EUR	1	1.9% 0.16%
HIGH SALARIES
€135,800 EUR - €144,899 EUR	2	1.74% 0.32%
€144,900 EUR - €153,899 EUR	1	1.42% 0.16%
€153,900 EUR - €162,999 EUR	1	1.27% 0.16%
€163,000 EUR - €171,999 EUR	0	n/a
€172,000 EUR - €181,099 EUR	0	n/a
€181,100 EUR - €190,099 EUR	1	1.11% 0.16%
€190,100 EUR - €199,199 EUR	0	n/a
€199,200 EUR - €208,299 EUR	1	0.95% 0.16%
€208,300 EUR - €217,299 EUR	0	n/a
€217,300 EUR - €226,399 EUR	2	0.79% 0.32%
€226,400 EUR - €316,899 EUR	3	0.47% 0.47%

Gender / Cyprus (Gross EUR)

#		Surveys		AVERAGE SALARY / YEAR
1	Men	389	€44,004 EUR
2	Women	220	€36,942 EUR

Education / Cyprus (Gross EUR)

#		Surveys
1	Doctorate Degree	27	€57,405 EUR
2	Masters Degree	241	€45,000 EUR
3	Bachelors Degree	256	€40,745 EUR
4	Bellow H. School	7	€40,292 EUR
5	Some College	59	€32,596 EUR
6	High School	42	€26,620 EUR

Experience / Cyprus (Gross EUR)

#		Surveys
1	20+ Years	65	€66,097 EUR
2	16-20 Years	60	€53,331 EUR
3	8-12 Years	120	€49,980 EUR
4	12-16 Years	60	€45,453 EUR
5	4-8 Years	125	€35,946 EUR
6	2-4 Years	94	€29,246 EUR
7	0-1 Year	52	€26,076 EUR
8	1-2 Years	56	€23,451 EUR

Age / Cyprus (Gross EUR)

#		Surveys
1	56-60	8	€78,411 EUR
2	46-50	36	€70,353 EUR
3	51-55	14	€59,759 EUR
4	66-70	2	€54,689 EUR
5	41-45	52	€53,421 EUR
6	36-40	100	€46,992 EUR
7	71-75	1	€43,099 EUR
8	31-35	166	€41,288 EUR
9	n/a	23	€38,843 EUR
10	26-30	146	€31,962 EUR
11	21-25	77	€25,443 EUR
12	14-20	7	€20,915 EUR

Work Type / Cyprus (Gross EUR)

#		Surveys
1	Self Employed	19	€60,484 EUR
2	Permanent	496	€42,918 EUR
3	Contract	103	€33,863 EUR
4	Part Time	14	€16,207 EUR

Cities / Cyprus (Gross EUR)

#		Surveys
1	Limassol	321	€41,741 EUR
2	Nicosia, Cyprus	244	€41,379 EUR
3	--Other--	67	€39,205 EUR

Career Groups / Cyprus (Gross EUR)

#		Surveys
1	Health Care & Medical	5	€107,929 EUR
2	Management & Business	75	€63,653 EUR
3	Engineers & Technicians V	2	€60,031 EUR
4	Aviation & Shipping	9	€54,960 EUR
5	Properties & Real Estates	4	€54,870 EUR
6	Construction & Labor Workers	7	€51,248 EUR
7	Finance & Banking	85	€47,355 EUR
8	Law	21	€44,185 EUR
9	IT & Programming	81	€41,107 EUR
10	Marketing, Sales, Purchase	38	€40,926 EUR
11	Health Care & Medical II	8	€39,749 EUR
12	Engineers & Technicians III	1	€39,205 EUR
13	Media	3	€38,934 EUR
14	Education & University	21	€38,119 EUR
15	Human Resources	39	€36,580 EUR
16	IT & Programming II	30	€36,580 EUR
17	Accounting & Administration	83	€33,773 EUR
18	Engineers & Technicians	18	€32,415 EUR
19	Hotels & Tourism	21	€32,052 EUR
20	Making Design	11	€31,690 EUR
21	Arts, Culture, Performance	1	€30,785 EUR
22	Architect Constructions	6	€30,694 EUR
23	Public Sector	4	€30,423 EUR
24	Automobile	2	€29,155 EUR
25	Engineers & Technicians II	2	€26,439 EUR
26	Logistics, Road, Railway	6	€24,447 EUR
27	Organization & Coordination	6	€24,266 EUR
28	Restaurants, Inns, Pubs	13	€22,998 EUR
29	Security & Fireguard	2	€21,640 EUR
30	Salesmen & Saleswomen	12	€19,014 EUR
31	Customer Services	10	€19,014 EUR
32	Agriculture & Fishing	1	€18,742 EUR
33	Military	1	€16,479 EUR
34	Engineers & Technicians IV	3	€16,298 EUR
35	Insurance	1	€15,392 EUR

Careers / Cyprus (Gross EUR)

#		Surveys
1	Surgeon	3	€144,690 EUR
2	Director	14	€119,066 EUR
3	CEO	5	€103,402 EUR
4	Finance Manager	15	€97,607 EUR
5	Corporate Counsel Lawyer	5	€66,912 EUR
6	IT Project Manager	12	€63,290 EUR
7	Manager	9	€58,763 EUR
8	Accountant Executive	3	€56,862 EUR
9	Marketing Manager	10	€55,775 EUR
10	Hotel Manager	7	€53,512 EUR
11	Operations Manager	7	€52,516 EUR
12	Other Management Career	5	€51,248 EUR
13	Web Designer	3	€51,248 EUR
14	Business Manager	4	€51,067 EUR
15	Other Human Resource Career	5	€50,795 EUR
16	Other Aviation & Shipping Career	4	€50,433 EUR
17	Pharmacist	4	€49,075 EUR
18	Financial Accountant	4	€48,441 EUR
19	Business Development Manager	6	€48,351 EUR
20	Chartered Accountant	21	€45,272 EUR
21	Stock Broker	4	€45,272 EUR
22	Lead Developer	8	€42,375 EUR
23	Account Manager	5	€42,103 EUR
24	IT Manager	15	€41,741 EUR
25	Web Developer	10	€41,560 EUR
26	Human Resources Manager	20	€40,926 EUR
27	Other Finance Career	25	€40,201 EUR
28	Lawyer	10	€40,111 EUR
29	Risk Analyst	4	€38,843 EUR
30	Software Engineer	7	€38,028 EUR
31	Engineer	4	€36,580 EUR
32	Audit Manager	5	€36,127 EUR
33	Engineering Manager	4	€36,127 EUR
34	Risk Manager	8	€35,040 EUR
35	System Administrator	7	€34,950 EUR
36	Java Developer	3	€34,950 EUR
37	Product Manager	3	€34,859 EUR
38	Senior Accountant	5	€34,497 EUR
39	Architect	5	€32,686 EUR
40	Other IT Career	6	€31,962 EUR
41	Lecturer	4	€31,056 EUR
42	Banks	6	€30,513 EUR
43	Accountant	12	€29,608 EUR
44	Software Developer	18	€27,887 EUR
45	Other Public Sector Career	3	€27,254 EUR
46	Financial Analyst	8	€26,710 EUR
47	Marketing	4	€26,439 EUR
48	Sales	5	€26,258 EUR
49	Other Tourism Career	7	€24,537 EUR
50	Human Resource Administrator	5	€24,266 EUR
51	Assistant Manager	4	€23,994 EUR
52	Teacher	4	€23,994 EUR
53	Business Administration	4	€23,632 EUR
54	Administrator	4	€23,451 EUR
55	Waiter or Waitress	4	€22,545 EUR
56	Human Resource	5	€19,829 EUR
57	Civil Engineer	3	€16,298 EUR
58	Bar Manager	4	€14,306 EUR

People's individual salary examples (surveys)

Front Office Management

Posted 12 January 2024
Key knowledge and tasks

"Handle daily front office operations 
handle all guests requests and complaints 
check -in\ check out 
payments."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	2-4 Years	Advanced	€32,500 EUR

Financial Controller

Posted 11 January 2024
Key knowledge and tasks

"FINANCE, ACCOUNTING, TAX, BUDGETING, FORECASTING, FINANCE PLANNING."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	4-8 Years	Advanced	€52,000 EUR

Financial Controller

Posted 17 July 2023
Key knowledge and tasks

"Budgets, forecasts, cash flow."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	4-8 Years	Intermediate	€39,100 EUR

Compliance Manager

Posted 13 July 2023
Key knowledge and tasks

"Compliance
Risk Assesment
Team management
Anti-coruuptiona and business ethics."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	4-8 Years	Expert	€101,800 EUR

Junior Software Engineer

Posted 11 July 2023
Key knowledge and tasks

"PHP, HTML, JS."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	0-1 Year	Basic	€12,600 EUR

Recruiter

Posted 18 May 2023
Key knowledge and tasks

"Recruitment, ATS system."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	1-2 Years	Intermediate	€27,900 EUR

Human Resource And Operations Manager

Posted 29 September 2022
Key knowledge and tasks

"RECRUITMENT, ONBOARDING, TRAINING, PAYROLL, STRATEGY, PERFORMANCE MANAGEMENT, COACHING."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	2-4 Years	Advanced	€21,200 EUR

Financial Analyst

Posted 28 September 2022
Key knowledge and tasks

"Check accurcy of investment models to assess pricing."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	4-8 Years	Advanced	€61,100 EUR

Office Manager

Posted 28 September 2022
Key knowledge and tasks

"Managing the office and company internal events, travels and hr support."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	High School	1-2 Years	Advanced	€14,100 EUR

Security Engineer

Posted 11 September 2022
Key knowledge and tasks

"Firewall, maintaining siem."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	1-2 Years	Expert	€26,900 EUR

Technical Supervisor

Posted 07 September 2022
Key knowledge and tasks

"TASK ALLOCATION, TEAM MANAGEMENT, TECHNICAL ASSISTANCE, CALCULATIONS, SPECIFICATION WRITING."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	2-4 Years	Advanced	€29,600 EUR

Investment Officer

Posted 04 September 2022
Key knowledge and tasks

"Financial Modelling, Feasibility Study, Business Planning and Investment valuation."

City	Education	Experience	Knowledge	Gross salary / year
--Other--	Masters Degree	12-16 Years	Advanced	€52,000 EUR

It Support

Posted 01 September 2022
Key knowledge and tasks

"Help desk, 
1st and 2nd level support."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Some College	2-4 Years	Advanced	€22,400 EUR

Clerk

Posted 31 August 2022
Key knowledge and tasks

"Banker."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	16-20 Years	Advanced	€28,000 EUR

Employment Contracts Executive

Posted 20 July 2022
Key knowledge and tasks

"Writing contracts and ensure compliance and tax regulation are in place according the specific countries employment / labour laws."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	2-4 Years	Intermediate	€29,200 EUR

Accountant

Posted 19 July 2022
Key knowledge and tasks

"EXPIRIENCED."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	8-12 Years	Expert	€63,900 EUR

Senior Analyst And Treasury Officer

Posted 14 July 2022
Key knowledge and tasks

"Finance Reporting."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	0-1 Year	Advanced	€28,600 EUR

Finance Manager

Posted 13 July 2022
Key knowledge and tasks

"Mange the finance team, financial statement and lead the company."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	16-20 Years	Expert	€76,200 EUR

Technician

Posted 13 June 2022
Key knowledge and tasks

"Irrelevant to the job."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Bachelors Degree	0-1 Year	Basic	€16,100 EUR

Waiter

Posted 11 June 2022
Key knowledge and tasks

"Services at dining room on cruise ship on Danube."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	High School	1-2 Years	Advanced	€24,700 EUR

Infantry

Posted 10 June 2022
Key knowledge and tasks

"Technical."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	High School	2-4 Years	Advanced	€16,400 EUR

Finance Manager

Posted 30 May 2022
Key knowledge and tasks

"BS, CF, IS."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	4-8 Years	Intermediate	€29,500 EUR

Analyst

Posted 30 May 2022
Key knowledge and tasks

"Analytics."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	1-2 Years	Advanced	€59,100 EUR

Logistics Coordinator

Posted 25 May 2022
Key knowledge and tasks

"- Work with suppliers to know product availability and assure competitive pricing
- Tracking of material deliveries, collection and storing of all shipping documents in a timely and cost effective manner
- Responsible of Shipping, Tracking and Receiving of all project related materials
- Coordinate outbound freight shipments."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	4-8 Years	Advanced	€29,500 EUR

Qa Manager

Posted 15 April 2022
Key knowledge and tasks

"Technical manager, people manager, automation, stlc, testing."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	2-4 Years	Expert	€31,500 EUR

Product Manager

Posted 14 April 2022
Key knowledge and tasks

"Management."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	4-8 Years	Advanced	€51,200 EUR

Head Of Rto

Posted 13 April 2022
Key knowledge and tasks

"Ensuring client orders are received and executed appropriately 
Report to the Board 
Prepare and submit reports for the regulator 
Prepare client reports."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	2-4 Years	Expert	€29,500 EUR

Hr Manager

Posted 18 March 2022
Key knowledge and tasks

"Administrative, corporate decision making, liaising with employees, consulting of the General Manager, liaising with the government authorities, performance appraisal, labour law."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	1-2 Years	Advanced	€16,400 EUR

Operations Manager

Posted 18 February 2022
Key knowledge and tasks

"Management of the company operations."

City	Education	Experience	Knowledge	Gross salary / year
--Other--	Masters Degree	1-2 Years	Expert	€60,900 EUR

Recruitment Coordinator

Posted 18 February 2022
Key knowledge and tasks

"Everyting."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Some College	16-20 Years	Expert	€14,600 EUR

Chief Executive Officer

Posted 14 February 2022
Key knowledge and tasks

"Leading the development of the company’s short- and long-term strategy
• Creating and implementing the company or organization’s vision and mission
• Providing leadership and strategic vision to the organization
• Communicating, on behalf of the company, with shareholders & government entities. 
• Assessing risks to the company and ensuring they are monitored and minimized
• Designing and implementing business operations
• Resolving any business operations issues
• Setting strategic goals and making sure they are measurable and describable
• Establishing policies & procedures that promote company culture and growth."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	4-8 Years	Expert	€61,900 EUR

Audit Supervisor

Posted 16 January 2022
Key knowledge and tasks

"Supervise audit of local and international companies."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	2-4 Years	Advanced	€28,600 EUR

Senior Software Engineer

Posted 14 January 2022
Key knowledge and tasks

"Working on new features, refactoring code, reviewing code, training, reviewing business logic, researching live support issues."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	2-4 Years	Advanced	€49,500 EUR

Back Office

Posted 13 January 2022
Key knowledge and tasks

"Fund Administration, accounting, ."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	0-1 Year	Intermediate	€21,400 EUR

Usta

Posted 10 January 2022
Key knowledge and tasks

"Stamped concrete."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Bellow H. School	2-4 Years	Advanced	€12,100 EUR

Total Rewards Head

Posted 09 January 2022
Key knowledge and tasks

"Salary and bonus systems development."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	1-2 Years	Intermediate	€103,300 EUR

Lawyer

Posted 05 January 2022
Key knowledge and tasks

"LLB, MsC."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	High School	0-1 Year	Intermediate	€20,000 EUR

Owner

Posted 01 January 2022
Key knowledge and tasks

"Web Developer."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	12-16 Years	Advanced	€36,300 EUR

Project Manager

Posted 24 November 2021
Key knowledge and tasks

"EU and domestic project manager."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	0-1 Year	Advanced	€15,700 EUR

Engineer

Posted 19 November 2021
Key knowledge and tasks

"Computer aided design engineer."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Bachelors Degree	0-1 Year	Advanced	€33,000 EUR

Psp Analyst

Posted 08 November 2021
Key knowledge and tasks

"Excel, Analysis."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	0-1 Year	Advanced	€21,100 EUR

Corporate Administrator

Posted 02 November 2021
Key knowledge and tasks

"Administration, legal."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	1-2 Years	Intermediate	€33,000 EUR

Energy

Posted 02 November 2021
Key knowledge and tasks

"ELECTRICITY."

City	Education	Experience	Knowledge	Gross salary / year
--Other--	Masters Degree	12-16 Years	Expert	€52,800 EUR

Community Manager

Posted 28 October 2021
Key knowledge and tasks

"Campaign Management
Social Media Management
Reporting
Admin."

City	Education	Experience	Knowledge	Gross salary / year
--Other--	Masters Degree	1-2 Years	Advanced	€33,000 EUR

Editor-in-chief

Posted 27 October 2021
Key knowledge and tasks

"Editing."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	High School	4-8 Years	Advanced	€30,000 EUR

Accounting Assistant

Posted 10 October 2021
Key knowledge and tasks

"Payroll, Bookkeeping."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Some College	12-16 Years	Expert	€14,100 EUR

Hr Manager

Posted 30 September 2021
Key knowledge and tasks

"Generalist HR."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Masters Degree	2-4 Years	Advanced	€28,600 EUR

It Support

Posted 25 September 2021
Key knowledge and tasks

"Help desk support, toubleshooting."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	0-1 Year	Advanced	€24,000 EUR

Accountant

Posted 20 September 2021
Key knowledge and tasks

"Accountant."

City	Education	Experience	Knowledge	Gross salary / year
Limassol	Bachelors Degree	1-2 Years	Advanced	€39,600 EUR

Journalist

Posted 15 September 2021
Key knowledge and tasks

"Writing news stories, covering events."

City	Education	Experience	Knowledge	Gross salary / year
Nicosia, Cyprus	Masters Degree	4-8 Years	Advanced	€15,400 EUR

ECONOMY / Cyprus

Cyprus is among the most prosperous countries in the Mediterranean and it's ranked on the world's 23rd position regarding to the life quality index. Market oriented economic system, dynamic and flexible entrepreneurship with a highly educated employees lead countries economy to success.

The largest industry in Cyprus is tourism, followed by financial services and real estate. Since tourism is the leading Cyprus industry, the country is highly dependent on the economy of other European nations.