The Index of Industrial Production for October 2017 reached 88.3 units (base 2010=100), recording an increase of 8.1% compared to October 2016.

The launching of flights connecting Pafos with Cairo, and Pafos with Alexandria on a pilot basis, has been agreed following a number of meetings and consultations between a particular travel agency and Pafos Tourism Development and Promotion Company (ETAP).

The number of tourist arrivals in November 2017 rose 17% to 144,676 compared to the respective month of 2016 as all major markets performed strongly, the statistical service said.

Energy Minister Yiorgos Lakkotrypis said he is prepared for all possible outcomes of the island’s oil and gas exploratory programme, which includes four test drillings in the exclusive economic zone (EEZ) next year.

Steady recovery in the Cyprus real estate market is expected in 2018, with demand expected to continue progressively, according to several market experts, as published in a recent news article from InBusinessNews, a leading news portal of Cyprus.

The Turnover Value Index of Wholesale Trade except of Motor Vehicles for the period July-September 2017 increased by 5.8% to 92.7 units (base 2010=100), compared to 87.6 units during the same period of 2016.

Astrobank is very close to taking over USB Bank, in a move that would contribute to the consolidation of the Cyprus’ fragmented banking system, sources told the Cyprus News Agency (CNA).

The Central Bank of Cyprus said it expects the economy to expand 3.8% this year before growth slowed down to 3.4% in 2018.

The state-owned Cyprus Cooperative Bank is increasing its efforts to reduce its delinquent loan portfolio and so maximise the potential inflow from the capital increase scheduled next year as investors maintain a wait-and-see stance, two sources said.

The Public Debt Management Office (PDMO) said recently the government may issue a euro medium-term note (EMTN), or Eurobond, of up to €1bn in 2018.