The value of turnover in the retail trade rose in 2017 by 5.2%, exceeding the rate at which the economy expanded as almost half of the loans in the banking system remain unserviced, the statistical service said.

The state-run port of Larnaca is projected to earn revenues of at least €9.5m in 2018 due to increased cargo traffic related to hydrocarbons activities, MPs heard recently.

In November 2017, the Cyprus parliament voted an important amendment to the Cyprus VAT Legislation, which amends the main VAT Law N.95(I)/2000 concerning taxation of building land, in order to align it with the provisions of EU VAT Directive 2006/112/EC. The amendment has entered into force on 2 January 2018.

The central government’s funds deposited at the Central Bank of Cyprus rose in January 2018 to €891.3m from €427.3m in December 2017, the bank supervisor said.

Rent prices rose at an increasing rate in the third quarter of 2017, driven mainly by office space and residential properties, the Cyprus division of the Royal Institute of Chartered Surveyors (RICS) said.

The Cypriot branch of the Royal Institute of Chartered Surveyors (RICS) said property prices continued to rise across the island in the third quarter of 2017 fuelled by economic growth, as economists describe the current real estate market recovery as temporary and expect a new price drop to set off in two years.

Transparency International, the global anti-corruption watchdog, promoted Cyprus to rank 42 in its 2017 Corruption Perception Index from 45 the year before as the island improved its score from 55 to 57.

Three beaches in Ayia Napa and Protaras have been included in the 25best beaches of Europe by Trip Advisor.

The recent acquisition of three properties from the Shacolas Group appears to be connected to the creation of a company that will manage commercial properties likely to be announced by Bank of Cyprus in the coming days.

The harmonised consumer price index dropped 1.5% year-on-year in January 2018, as a drop in the prices in most categories of goods and services offset less affordable energy products, the statistical service said.