Revenue from tourism rose an annual 5.8% to all-time high of €425.7m in July 2017 when arrivals rose 10%, the statistical service said recently.

The European Central Bank (ECB) said that while economic growth in Cyprus is picking up, it still needs reforms and fiscal discipline over the medium-term to be sustainable combined with a reduction in delinquent loans in the system.

The state-owned Cyprus Cooperative Bank said it generated a net loss of almost €8 million in the first six months of 2017 compared with a €49.8m net profit in the respective period of 2016.

The economic sentiment index rose in September 2017 by 4.1 units to 115 recovering most ground lost the month before, when it plunged 7 points, the University of Cyprus said.

Deposits in the Cypriot banking system rose in August 2017 to €49.1bn or by €427m in a month with total loans falling by €107m to €52.9bn, reducing the liquidity shortfall in the system to €3.8bn, the smallest since February 2013, the Central Bank of Cyprus said.

Fiscal issues, structural reforms and Non-Performing Loans (NPLs) are the focus of the third post memorandum review of the Cyprus economy.

The central government saw its revenue rise in January to August 2017 by €518.3m to below €4.1bn which matches 67% of total revenue expected to flow to the government’s coffers this year, the Treasury said.

Tourist arrivals are expected to exceed 3.6m in 2017, setting a new record, the Cyprus Tourism Organisation (CTO) said recently in a statement marking World Tourism Day.

The retail trade showed significant increase in July 2017, according to figures released by the Statistical Service of Cyprus recently.

Industrial Turnover Index was up by 12% in June 2017 on an annual basis and 12.9% in the first six months of the year, data released by the Cyprus Statistical Service show.