The Central Bank of Cyprus significantly revised its 2018 economic growth forecast upward to 4.1% from a previous 3.4% citing strong exports and domestic demand.

Fiscal risks to Cyprus’ outlook have increased considerably due to the uncertainties surrounding the sale of the Cyprus Cooperative Bank and the associated government bond issuance, the European Commission said in its post-programme surveillance report.

The number of property transactions rose 2% year-on-year in June 2018, to 858, which is the lowest rate of increase in 14 months, the land registry said.

The annual inflation rose last month to 2.3% from 1.3% the month before mainly on more expensive energy products, the statistical service said.

Casino operator Melco International Development has opened the first temporary casino in Limassol, Cyprus, the C2, on Thursday, 28 June 2018.

Finance Minister Harris Georgiades said that the government guarantees to Hellenic Bank, part of its agreement to acquire the Co-op’s operations, are fiscally manageable, the Cyprus News Agency (CNA) reported recently.

Building permits rose in the first four months of 2018 an annual 25% in terms of construction area to 480,385 square metres and 28% in terms of value to €517m, the statistical service said.

The Finance Ministry and the Central Bank of Cyprus (CBC) warned lawmakers recently that possible changes rendering the proposed draft bills on the management of non-performing loans less effective could negatively affect Cypriot lenders in the upcoming stress tests

French energy giant Total has reaffirmed its commitment to its energy plans in Cyprus and reiterated an interest to further expand its presence.

A new mixed-use development occupying 102,637 sq.m. of land is in the works for the area of Aorati in the community of Pyrgos, Limassol.