Cyprus needs to get back to reforming its economy in order to consolidate economic growth in the long run and safeguard the sustainability of public finances, the European Commission said.

Eighteen months exiting its bailout programme, Cyprus is exceeding expectations, particularly on growth, Eurogroup President Jeroen Dijsselbloem said after a Eurogroup meeting.

As economic recovery consolidates, and the government revises its growth forecast to 4%, the reduction in non-performing loans may pick up in pace even as the ratio of restructurings drops, an economist said.

Cyprus, Italy, Greece and Israel agreed recently to back the construction of a gas pipeline from newly discovered fields in the eastern Mediterranean to Europe.

The countercyclical capital buffer (CCyB) rate for the period 1 January 2018-31 March 2018 has been set at 0%, the Central Bank of Cyprus said recently.

A new research centre on Interactive media, Smart systems and Emerging technologies (RISE) has opened in Nicosia – it is hoped the centre will rejuvenate a deprived area, very close to the buffer zone.

The number of property transactions rose an annual 39% in November to 906, the highest figure this year, the Department of Lands and Surveys said.

DBRS Ratings Limited (DBRS) has confirmed Cyprus’ Long-Term ratings at BB (low) and changed the trend to positive from stable, according to a recent announcement.

Cyprus continues to be a highly competitive centre for international businesses, despite the economic difficulties the country faced in the last few years, President of Cyprus Nicos Anastasiades has said.

Finance Minister Harris Georgiades said the Cypriot economy will expand 4% this year, up from a previous forecast of 3.5%, and will continue growing an average 3% over the next three-year period.