The amount of non-performing loans in the Cypriot banking system fell in October 2017 by €51.7m to €21.4bn compared to September and by €2.7bn in a year, the Central Bank of Cyprus said.

The European Commission said that it expects economic growth in Cyprus to moderate to 3.2% this year and to 2.8% in 2019 after reaching 3.8% in 2017.

Building permits rose in January to November 2017 an annual 45% in terms of construction area, to 1,354,786 square metres and 53% in terms of budget to €1.6bn, the statistical service said.

The consumer price index fell in January 0.7% compared to the respective month of 2017, mainly on cheaper agricultural produce, the statistical service said.

Government spokesman Nicos Christodoulides appealed for unity following President Nicos Anastasiades' re-election, so that the country could tackle the challenges that lay ahead.

Ryanair recenttly announced a new Paphos route to Amman in Jordan, which will operate four times weekly from the end of March 2018, as part of its Summer 2018 schedule.

“Cyprus offers the interesting example of an economy saved with the help of economic adjustment and responsible reforms,” the Martens Centre, the European People’s Party (EPP) in house think tank has said.

Revenue from tourism rose in November 2017 by 6.8% to €89.5m compared to the respective month of 2016, against an increase in arrivals of 16%, the statistical service said.

Energy Minister Giorgos Lakkotrypis said recently the results of an ongoing exploratory natural gas drill off the island’s coast were encouraging but more time was needed because of the morphology of the seabed.

The European Investment Bank is to give €35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately owned storage facility.