By the beginning of the 1990s, the service, or tertiary, sector had become the most important part of the economy of the Republic of Cyprus and accounted for more than half the country's GDP. It was also the economy's fastest growing component and through this growth was gradually transforming the economy into a postindustrial and information one. Tourism had long been the most important subsector, but in the future financial and transport services and offshore enterprises were thought likely to take the leading role, favored by the island's fortunate location between Europe and the Middle East and its stable social and economic conditions.

Data as of January 1991