Cyprus registered a €344m or + 1.8% of GDP total budgetary surplus in 2017 (compared to €59m or + 0.3% of GDP for 2016), according to data released recently by Eurostat, the statistical service of the EU.

Fitch has upgraded its rating on Cyprus to ‘BB+’ from ‘BB’ because of the country’s strong cyclical economic recovery and prudent fiscal policy.

Three investors are interested in the co-op bank, as the procedure to dispose of the state-controlled lender enters its final stretch, it was reported recently.

The European Commission’s competition watchdog will be looking at the government’s recent action to deposit €2.5bn to the co-op bank through the issuance of bonds, it emerged recently.

The Cypriot government is projected to post budget surpluses over the next six years through to 2023, according to the International Monetary Fund’s Spring 2018 Fiscal Monitor published recently.

Invest Cyprus initiative to capitalise on human resources

Cyprus registered the lowest annual inflation in the euroarea for March 2018, with -0.4%.

The European Central Bank (ECB) seems to favour merging the performing operations of the Cyprus Cooperative Bank (CCB) with another Cypriot lender, Finance Minister Harris Georgiades said recently.

Following comments from The Troika on the extremely high levels of non-performing loans (NPLs) the Cyprus government is preparing proposals to improve the insolvency and foreclosure laws.

Tourist arrivals during the first three months of 2018 were up 29.3% over the same period last year, according to data from the Passengers Survey.