The discovery of more than 60 trillion cubic feet of natural gas in the Eastern Mediterranean creates great expectations for transforming the region into a major energy supplier - and as a result Cyprus will host its first ever professional/scientific workshop,

Capital Intelligence, the Limassol-based rating company, said that it upgraded Cyprus’ long-term foreign currency rating by a notch to BB, which is still in the speculative area, and maintained the positive outlook.

Revenue from tourism rose a mere 3%, to €357.7m year-on-year in July 2018 as Cyprus managed to attract 8.2% more tourists in that month prepared to spend less, the statistical service said

Revenue from tourism rose a mere 3%, to over €357.7m year-on-year in July 2018 against an 8.2% increase in visitors who continue to cut back their spending, the statistical service said recently.

Building permits rose 26% year-on-year in construction area in H1 2018, to 753,615 square meters, and a 20% increase in value, to €788.8m, the statistical service said

The unemployment rate dropped to 7.3% in the second quarter from 10.7% in the previous one and 10.6% in the respective quarter of 2017, the statistical service said citing its labour force survey.

The number of company registrations, a performance gauge of the corporate, accounting, and legal services sector rose 9% in August 2018, to 1,003, compared to the respective month of 2017, the Registrar of Companies and Official Receiver said.

The procedures to invite tenders for the development of Larnaca’s marina and port are on track, the Transport Ministry said recently.

The annual inflation rate rose in August 2018 to 2.5% — the highest in seven years — from 2.3% the previous month, once more exposing Cyprus’ vulnerability to energy price hikes.

The number of registered unemployed in Cyprus decreased in August 2018 by 7,137 people or 23%, compared to August 2017.