In February 2017 compared with January 2017, the seasonally adjusted volume of retail trade rose by 0.7% in both the euro area (EA19) and the EU28, according to estimates from Eurostat.

Tourism started the year on a strong footing, with revenue from tourists soaring by 21.6% in January 2017 compared with the same month of 2016, according to data released by the Cyprus Statistical Service (Cystat).

British budget airline Jet2.com has added new flights to Paphos from its newest bases in Birmingham and London Stansted Airport this week, and also offers free flight check-in from Paphos hotels.

The International Monetary Fund (IMF) said that a year after completing its adjustment programme, Cyprus still needed to reduce both private and public debt to strengthen economic growth and confidence.

Revenue from tourism rose 22% year-on-year, in January to €35.4m, the statistical service said.

The unemployment rate in Cyprus dropped to 12.9% in February, from a downward revised 13.1% in January and 13.4% in February last year, the European Union’s statistical office said.

European and Israeli governments gave their support to moving forward with a Mediterranean pipeline project to carry natural gas from Israel to Europe, setting a target date of 2025 for completion.

Industrial producer prices increased in Cyprus by 0.3% in February 2017 on a monthly basis and by 1.6% on an annual basis, according to Eurostat.

The IMF has warned banks in Cyprus not to rely on rising property prices and economic growth to cut their high levels on non-performing loans (NPLs).

Cyprus’ three systemic banks have submitted three-year plans to the European Central Bank (ECB) on how to reduce their non-performing loans (NPLs), with pressure from regulators who are beginning to warm to the idea of a single, bad bank.