Cyprus’ economy expanded an annual 3.6% in Q2 2017 compared to the respective quarter last year, and a seasonally adjusted 3.5% on a boost from tourism, trade, and construction, the statistical service said.

The consumer price index dropped 0.2% in August 2017 compared with the respective month of 2016 mainly on more affordable agricultural produce which more than offset higher energy prices, the statistical service said.

The construction area of housing projects that obtained a building permit in the first half of the year rose an annual 36% to 494,724 square meters and their value rose 38% to €482.6m, the statistical service said.

Registered unemployed at the District Labour Offices on the last day of August 2017 reached 31,003.

The number of property transactions rose 27% in August 2017 to 572 compared to the respective period last year mainly on a strong performance of the Limassol property market, the Department of Lands and Surveys said.

September 2017 could be another milestone for Cyprus’ energy plans, as ExxonMobil and Qatar Petroleum consortium is about to announce its exploration programme in Block 10.

Finance Minister Harris Georgiades has said that he is satisfied with the state of the economy, noting that the growth rate in 2017 would reach 3.5%.

The island’s main airports in Larnaca and Paphos could undergo significant upgrades due to the increasing number of passengers travelling.

Industrial producer prices in Cyprus increased by 0.8% in July 2017 compared with June 2017 and by 3.4% compared to July 2016, according to Eurostat, the statistical office of the European Union, while in the euro area (EA19) remained stable and in the EU28 increased by 0.1% in monthly basis.

In line with our continuous development and investment in our human resources we are pleased to announce the strengthening of our Nicosia office with the appointment of a new partner and a new senior associate.