Revenue from tourism rose in August 2017 by 8% to €423.6m compared with the respective month of 2016, which is the second highest ever amount in a month after July 2016, the statistical service said.

The number of registered unemployed dropped in October 2017, 22% compared to the respective month of 2016 to 26,436, the lowest since December 2010, the statistical service said.

The University of Cyprus said that it revised its economic growth rate forecast for this year to 3.6% from 3% in July, citing an improved labour market and leading indicators.

Cyprus-based airline Cobalt added three new routes to its winter schedule, and flights to London, Frankfurt and Moscow are now available.

Cyprus Airways recently announced six new destinations for the summer of 2018, from Larnaca Airport to Athens, Munich, Prague, Stuttgart, Zurich and Verona.

The number of property transactions rose in October 21% to 768 compared with the respective month of 2016, driven mainly by a strong showing in Nicosia and Paphos, the Department of Lands and Surveys said.

Consumer prices rose in October 2017 by 0.1% compared to the respective month of 2016 as cheaper manufactured products offset the impact of less affordable energy products, agricultural produce and services, the statistical service said.

Finance Minister Harris Georgiades said that five years after Cyprus experienced its worst banking and fiscal crisis since 1974, “the glass is more than half-full”.

The General Manager of the Cyprus Hydrocarbon Company (CHC), Panos Kelamis, appears optimistic about Cyprus’ energy prospects, pointing out at the same time that the situation in the oil and gas industry is dynamic which calls for patience and perseverance.

Cyprus’ public debt is deemed sustainable and will continue the downward path it entered in 2015, in all four sensitivity analysis scenarios, the Finance Ministry said.