Cyprus has a history of successful economic performance reflected in rapid growth, full employment conditions and external and internal stability, almost throughout the post-independence period ( from 1960). In terms of per capita income – currently estimated at US$12,687 (2003) – Cyprus ranks among the high-income European countries. Cyprus' economy is 73.1 percent free, according to our 2007 assessment, making it the 20th freest economy in the world. Its overall score is 0.2 percentage points lower than last year, partly reflecting new methodological details. Cyprus is ranked 12th out of 41 countries in the European region and its overall score is above the regional average. The first development plan (1962-1966), designed to broaden the base of the economy and raise living standards, resulted in an average annual real growth rate of 5.4%. The second development plan (1967-1971) predicted an annual growth rate of 7% of GDP; real growth during this period was almost 8% per year. The third development plan (1972-1976) predicted an annual economic growth rate of 7.2%, but the drought of 1973 and the war of 1974 seriously disrupted development programs. Physical destruction, a massive refugee problem and a collapse in production, services and exports have prevented Cyprus from achieving its goals. Until July 1974, the Cypriot economy was developing vigorously, particularly the agricultural sector which accounted for more than a third of GDP. the GDP. The tourism and light industrial sectors were also growing. After the events of 1974, light industry became the engine of growth until the mid-1980s. In the late 1980s, services replaced industry and tourism became the engine of economic development. Since 1974, there has been a de facto partition of the island with the Turkish Cypriot community to the north and the Greek Cypriots to the south. Since 1975, the multi-year emergency economic action plans inaugurated by the Republic of Cyprus have provided for increased employment, incentives to revive the economy, more capital investment and measures to maintain economic stability. Since its military intervention in 1974, Turkey has provided substantial financial aid to the Turkish Cypriot region. In 1996, this aid was estimated at about a third of the region's GDP, or about $175 million. The 1994-1998 strategic development plan emphasized a free market and private sector economic approach with a GDP growth target of 4% per year. The plan called for a domestic savings rate of 22.3% of GDP; an increase in labor productivity 2.