The years between Independence and the Turkish invasion are characterised by sustained growth, accompanied by conditions of economic stability. GDP grew at an average annual rate of about 7% in real terms and that of per capita national income by almost 10% per annum. Agricultural production doubled, while industrial production and exports of goods and services more than trebled. Tourism became the largest single foreign exchange earner. Unemployment was very low and conditions of full employment were the characteristic of the early 70's. Earnings of employees more than doubled in real terms. Investment in infrastructural projects like dams, roads, ports, airports, communications, etc., reached a very satisfactory level. The rate of inflation was contained to 2,4% on average per annum and the current account of the Balance of Payments was mostly kept in surplus. As a consequence, accumulated foreign debt by 1973 was low, at a level equivalent to 7,5% of GDP.

Source: www.kypros.org