The Cyprus Security and Exchange Commission (Cysec) aims to further boost the Cypriot capital market and the supervision of the sector, chairwoman Demetra Kalogirou said recently.

Cyprus supports involvement of Russian companies in its energy market, the Cypriot ambassador to Russia has said.

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.