The consolidated economic growth of recent quarters has helped reduce the stock of non-performing loans in the banking system mainly via a reduction in delinquent corporate credit, central bank data show.

The latest statistics suggest a bright future not just for Cyprus’ economy but also for the local primary economic sector, which shows annual leaps of growth, Agriculture Minister Nicos Kouyialis said recently.

The Cooperative Cyprus Bank (CCB) is exploring “more radical solutions” in a bid to achieve a swifter reduction of the non-performing loans (NPLs) weighing on its balance sheet, the CCB’s Chief Executive Officer Nicolas Hadjiyiannis said in an interview with the Cyprus News Agency (CNA).

Fitch Ratings has upgraded Cyprus’ long-term debt in foreign currency by one notch to ‘BB’, one upgrade short of an investment-grade rating, it announced recently.

Brookstreet Hellenic Growth Fund by Brookstreet Equity Partners is understood to be successfully wrapping up its first fundraising round to proceed with investments.

The Industrial Turnover Index for July 2017 reached 99,2 units (base 2010=100), recording an increase of 15.3% compared to July 2016.

The government generated a fiscal surplus of €82.5m, or 0.5% of gross domestic product (GDP), last year, against a 1.2% deficit in 2015, the statistical service said citing revised figures.

The US Cato Institute and Canada’s Fraser Institute said that Cyprus was ranked 14th in their co-published 2015 Economic Freedom of the World index with 7.79 points, just ahead of Denmark which scored 7.77 points and behind Lithuania with 7.92 points.

As early as March 2014 the Cyprus Securities and Exchange Commission (“CySEC”) alerted potential investors to the risks associated with investment in virtual currencies or contracts for difference linked to them.

Cypriot private equity firm Nearchi Investment has announced it has acquired Orion Airways (FOH, Larnaca) from Aviation Capital Ventures (ACV) for an undisclosed sum.