Government Spokesman Nicos Christodoulides highlighted nine positive facts in the local economy, pointing out that this has been achieved through the hard work of the people of Cyprus.

The average hourlylabour cost across the whole economy dropped in Cyprus by 3.9% in nominal values during the second quarter of 2014, compared the same period in 2013.

The outlook on the Cypriot banking system remains negative, primarily reflecting the expectation of a continued rise in problem loans over the next 12-18 months that will exacerbate losses and erode banks’ capital, Moody’s said recently.

Deliberations between the European Central Bank (ECB), Central Bank of Cyprus (CBC) and local commercial banks as part of finalising the results of the ‘stress test’ will commence shortly, the Cyprus News Agency (CNA) reported recently.

The Troika will follow a more simplified process regarding the release of the sixth tranche of Cyprus' financial assistance package, after Nicosia failed to meet the preconditions for the next disbursement.

Cyprus trade deficit for the first six months of 2014 stood at €1.6 billion, recording an annual increase of €100 million, Eurostat data released recently shows.

Cyprus Stock Exchange announced recently it approved to introduce to the Stock Exchange 151,065,200 ordinary shares of Hellenic Bank, which emerged following mandatory conversion of the company's Convertible Bonds.

Satellite Service Provider NOORSAT and Iris, a subsidiary of Cyprus Telecommunications Authority (Cyta), announced the migration of NOORSAT’s operations to Makarios Teleport in Cyprus.

Tourist arrivals in Cyprus reached 373.086 in August 2014 compared to 352.215 in August 2013, recording an increase of 5.9%, according to data released recently by the Statistical Service.

The government is expected to shortly announce the decision to establish a National Geostrategic Council and National Energy Council, made of academics and experts.