The economy expanded in the second quarter of 2018 by 3.9% compared to the same period of 2017, the statistical service said recently.

Cyprus’ economy expanded in 2017 an upwards revised 4.2% in real terms compared to a previous 3.9%, the statistical service said.

Hellenic Bank, Cyprus’ second largest, said recently it generated an after-tax profit of €35.3m in the first six months of 2018 compared with a net loss of €28.9m last year.

Hellenic Copper Mines (HCM) expects to net €2m from the sale of gold to be obtained from about 40,000 tonnes of old mining waste at Strongylos mine in Mathiatis.

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.