Cyprus has a strong track record in providing professional services, but the key to future growth is to find efficient ways to export these services internationally, says Hellenic Bank’s Chief Risk Officer Stefano Capodagli.

Internet access in households continued to rise in 2017 reaching 79.4% compared with 74.4% in 2016, the Statistical Service said.

The unemployment rate fell at the end of the third quarter of 2017 to 10%, from 12.9%, in the respective period of 2016, and 10.6% in April to June, the statistical service said citing its quarterly labour force survey.

An overall very positive picture of the Cypriot economy, notwithstanding specific challenges, was drawn by the speakers of an Economist event held in London’s Stock Exchange recently.

In November 2017, the Cyprus parliament voted a significant amendment to the Cyprus VAT Legislation (VAT Law – Amending Law No. 3) which amends the main VAT Law N.95(I)/2000 concerning taxation of building land, in order to align it with the provisions of EU VAT Directive 2006/112/EC. The amendment was published in the Official Gazette on 13 November 2017 and will come into force on 2 January 2018.

The recent agreement to sell nine cooperative companies to its past owners will help the bailed-out Cyprus Cooperative Bank recover some lost ground in its capital basis, an executive said.

The recovery of the Cypriot economy, which is forecast to expand by 4% in 2017, has failed to produce the expected drop in delinquent loans, an International Monetary Fund (IMF) official said, the Cyprus News Agency (CNA) reported recently.

President Nicos Anastasiades expressed his satisfaction over the recent approval by the House plenum of the 2018 state budget.

The state budget for 2018 was approved on the night of December 13, 2017 after three days of debate in parliament.

Funds drawn by Cyprus under the European Fund for Strategic Investments (Efsi) reached €45m in November 2017, as the island was set to receive an additional €81m, the European Commission said.