In 2019, Cyprus’ gross domestic product (GDP) grew by 3.2%, exceeding the EU average. Cyprus’ economic structure is dominated by services, with tourism, shipping, financial services and real estate being its characteristic industries. According to the World Economic Forum’s Global Competitiveness Report 2019, Cyprus ranks 44th out of 141 of the world’s most competitive countries and territories. According to the World Bank’s Doing Business report 2020, Cyprus ranks 54th out of 190 countries and territories.