Cyprus economy contracted by 5.4% in real terms in 2013, the Statistical Service said recently in a first estimate.

Residential prices for both houses and flats fell by 1.6% and 0.5% respectively during the fourth quarter (Q4) of 2013, the latest RICS Cyprus’ Property Price Index, published recently showed.

The EAC in a statement says it has already expressed its readiness to co-operate with all relevant departments in the effort to import natural gas for cheaper electricity production.

Authorities issue a fresh warning concerning the potential dangers associated with digital currencies as parliament called on the government to put the necessary safeguards in place to protect the public.

Lebanese real estate investors are increasingly turning their attention to Cyprus, on the heels of the Lebanese banking sector, which has already opened nine bank branches on the island.

Tourists arrivals in February increased by 6.9% compared with February 2013, figures released by the Statistical Service show.

The President says his government is in touch with the local business community in an effort to offer support.

The time needed in Cyprus to resolve litigious civil and commercial cases was 505 days in 2010, according to the EU Justice Scoreboard released recently by the European Commission.

Further steps will be seen following the recent decree that eased domestic capital restrictions.

The annual inflation in Cyprus marked a small increase in February 2014, reaching -1.3% from -1.6% in January.