The retail trade index rose an annual 4.7% in November 2016 in terms of value and 7.4% in terms of volume, the statistical service said.

A new study on tourism development suggests that by 2030 tourism arrivals could go up by 82%, revenues increase by 185% and 64% more staff employed in the industry if the study’s strategy is implemented.

The revitalisation of the Larnaca port is moving forward, with the Cyprus Port Authority putting down the money as both expenditure and revenue following a bill failure in the House that froze funds.

The Cyprus economy is set to go under the microscope of international credit rating agencies, with March and April 2017 being particularly important months.

The Eastern Mediterranean Pipeline for natural gas (EastMed) with an estimated cost of $6 billion is both technically feasible and financially viable according to a report by company EDISON.

The government bought back in December 2016 outstanding government development stock maturing in July 2019 worth €300m held by a domestic investor, a Finance Ministry source said.

Finance Minister Harris Georgiades and Enzo Quattrociocche, secretary general of the European Bank of Reconstruction and Development (EBRD), have signed a memorandum of understanding setting out Cyprus’ responsibilities in organising the bank’s annual general meeting (AGM) in May 2017.

French oil major Total has alerted the government that its planned drilling for hydrocarbons in Cyprus’ economic waters will be pushed back to the summer 2017.

Holiday makers from home and abroad spent 14.8 million nights in hotels and other establishments during 2016, an increase of 10.9% over 2015 numbers, Eurostat announced recently.

Cyprus’ government debt rose in September 2016 to €19.7bn or 110.6% of economic output, which is the fourth highest ratio in the European Union, Eurostat said.