According to data released by the Statistical Service of Cyprus last Friday, Cyprus has recorded a surplus of 9.1 million euros in the year 2016.

Cyprus is experiencing a solid economic recovery and growth is expected to remain robust, although it looks set to slow slightly, said the European Commission.

Cyprus’ economy expanded an annual 3% in Q4 2016 after growing 2.9% in the third quarter, the statistical service said citing a preliminary flash estimation.

Power production from renewable energy sources rose 3.4% last year to 357,284.5 megawatt hours (MWh) compared to 2015 mainly on increased output generated by private photovoltaic systems, the energy regulator said.

The government is preparing legislation establishing a central agency tasked with drafting and implementing a national renewable action plan for Cyprus, MPs heard recently.

The European Commission said that it expects growth in Cyprus to gradually slow down over the next years from 2.8% in 2016 to 2.5% this year and 2.3% in 2018, as the high stock of bad loans of Cypriot banks continues to burden growth.

The increase in tourist arrivals in 2016 has translated into a 4.4% increase in revenue from tourism, or a total of €3.5 billion (19.9% of GDP).

After a record 2016, Tourism Minister Giorgos Lakkotrypis expects even more positive results for 2017, barring unforeseen obstacles, he said recently in an address to a hoteliers’ conference in Nicosia.

“The Cypriot economy is recovering, we are making up the ground lost, and we must remain unwaveringly focused on the effort,” Georgiades told reporters at a news conference.

An internet platform aiming to promote Cyprus-based businesses in China and attract investments and tourism to the island has been set up and is to be launched in the summer of 2017, its creators announced.