According to the latest International Monetary Fund estimates, its per capita GDP (adjusted for purchasing power) at $30,769 is just above the average of the European Union.[citation needed] Cyprus has been sought as a base for several offshore businesses for its low tax rates. Tourism, financial services and shipping are significant parts of the economy. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. The Cypriot government adopted the euro as the national currency on 1 January 2008.