At the height of the eurozone sovereign debt crunch – triggered by the US subprime mortgage crisis – Cyprus became the fifth EU member state to request a financial assistance package from the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) – collectively known as the Troika.

Cyprus has been hailed an ‘economic miracle’ once before during its long history.

The government generated a fiscal surplus of €200.9m in the first quarter of 2017 on a cash basis compared to a surplus of €146.3m in the respective quarter of 2016 on increased revenue, the statistical service said.

The University of Cyprus said it expects the economy to expand 3.1% this year, boosted by an unusually strong economic performance in the first quarter, and consumer prices to rise 1.7%.

The Finance Ministry revised its 2017 forecast for growth marginally upwards to 2.9% and that of fiscal balance considerably upwards to a fiscal surplus of 0.2% of the economy, the Finance Ministry said.

The seasonally adjusted unemployment rate in Cyprus further decreased to 12.5% in March 2017 compared to 12.8% in February according to Eurostat, the Statistical Service of the EU.

The General Government’s financial assets stood at €15.42 billion at the end of December 2016, while its financial liabilities were at €28.39 billion, according to figures released recently by the Central Bank of Cyprus.

The tourism market is headed for another bumper year, with current data and trends suggesting arrivals will top the record 3.2 million visitors in 2016, MPs heard recently.

Revenue from tourism rose 24% to €46.6m in February compared to the respective month of 2016 after arrivals rose at a similar pace, the statistical service said.

Cyprus Airways has announced the first three destinations that will be included in its flight schedule for the first phase of its launch, to begin in June 2017.