Republic of Cyprus budget savings due to borrowing from the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) in 2016 reached 2.1% of GDP (€0.4 billion).

The harmonised consumer price index fell an annual 0.1% in July as cheaper food and beverages and other industrial products offset the impact of higher energy prices, the statistical service said.

The value of transactions completed with plastic money rose 16% in July 2017 to €250.4m compared with the respective month of 2016, JCC Payment Systems said.

Given the prospect of new gas discoveries in Cyprus’ EEZ, it is timely to review recent developments, says Charles Ellinas, energy expert.

Moody’s Investors Service said it expects Cypriot banks to extend the highest amount of new loans in a single year since the 2013 banking crisis, benefiting from a higher demand for mortgages and corporate credit.

Property sales documents submitted by foreign buyers numbered 251 in July 2017, an increase of 31.41% compared to July 2016 (196), according to Land Registry data.

2017 is developing to be the best recorded in terms of tourist arrivals for the city and district of Larnaca.

The development engine in Cyprus seems to have been put into motion as the Department of Public Works has launched a total of 87 projects worth a total of € 330.57 million from 2015 until today.

The number of company registrations rose an annual 1.2% in July 2017 to 1,304 and 1.3% to 7,750 in January to July, the Department of Registrar of Companies and Official Receiver said.

The level of non-performing loans dropped on a monthly basis in April by €48.4 million, to below €23.2 billion, or 46.1% of the total, on a decline in corporate bad loans, the Central Bank of Cyprus said.