The unemployment rate dropped in the second quarter of 2017 to 10.6% from 13.1% in January to March and 12.1% in April to June last year, the statistical service said.

The general government’s deposits at the central bank rose in August 2017 by €222.8m to almost €1.4bn in a month, the Central Bank of Cyprus said.

The number of foreign property buyers rose 34% in August 2017 to 75 compared with the respective month of 2016, the Department of Lands and Surveys said.

In July 2017 compared with June 2017, seasonally adjusted production in the construction sector increased by 0.2% in the euro area (EA19) and by 0.5% in the EU28, according to first estimates from Eurostat, the statistical office of the European Union.

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Hellenic Bank, Cyprus’ third-largest lender, said that it expects the Cypriot economy to expand 3.5% this year and growth to slow down to 3.2% in 2018 as reforms came to a halt.

RCB Bank said that Standard & Poor’s Global Ratings (S&P) affirmed the lender’s BB- long term counterparty rating and its B short term rating which have a stable outlook, days after the rating company reaffirmed Cyprus’s BB+ sovereign rating, placing it on positive outlook.

The state-owned Cyprus Cooperative Bank said that it selected US lender Citigroup to act as global coordinator in its planned capital increase, which is part of its strategic Agenda 2020.

Tourist arrivals rose last month 14% to 523,651 compared with the respective month last year, the highest ever in the month of August - mainly on an increase in visitors from secondary markets, the statistical servicesaid.

Over 800 delegates from 35 countries, including high ranking officials of European and international organisations are expected to take part in the Maritime Cyprus 2017 conference on 9 October in Limassol.