Italy’s energy giant ENI is currently carrying out drilling offshore Cyprus and this could lead to a positive development for the whole of Europe.

The Cypriot government posted a €62.5 million fiscal surplus in the first half of 2017 compared with a deficit of €42.4 million in the respective period of 2016, the Finance Ministry said recently.

The Ministry of Finance raised €5.25 million through a six-year bond issue, the Public Debt Management Office said in a press release.

A pharmaceutical tech park is being planned in Paphos, reported to be one of the largest of its kind in Europe.

Two economists said that, following the recent upgrade by Moody’s Investors Service, it is realistic to expect that Cyprus could see its credit rating upgraded to investment-grade through an upgrade from Standard and Poor’s (S&P) in the next 12 months, in line with the Finance Minister’s assessment.

The unemployment rate in Cyprus fell to 10.8% in June from 11% the month before and remains the fourth highest both in the euro area and the EU, the European Commission’s statistical office said.

Revenue from tourism rose in May 2017 an annual 19% to €291.5m against a 15% annual increase in arrivals, the statistical service said.

There appears to be increasing interest for Cyprus alternative investments in 2017.

As Cyprus’ recovery continues from the 2013 financial collapse, banks share prices on the Nicosia stock exchange have shown strong signs of stability during the summer.

Moody’s Investors Service recently upgraded Cyprus’ credit rating a notch from B1 to Ba3 which is still three grades into the speculative area, citing the economy’s resilience and a fiscal overperformance.