Cyprus will again be an economic top performer in 2016 and will not veer from its prudent fiscal course, Finance Minister Harris Georgiades told the European Commission.

The construction and use of the underwater EastMed pipeline for the transfer of natural gas from the EEZs of Cyprus and Israel is technically feasible and economically sound.

The government’s deposits at the central bank stood at €1.4bn in September 2016, compared to €1.6bn in August, the Central Bank of Cyprus said.

The economic sentiment indicator rose in October 2016 by 1.8 points in a month, to 113.6, on improved confidence among consumers as well as service and retail trade companies, after falling last month from its August nine-year peak, the University of Cyprus said.

Industrial production rose an annual 9.6% in August 2016 aided by a strong growth in manufacturing, mining and quarrying, the statistical service said.

The liquidity shortfall in the Cypriot banking system fell by €437.3m on a montly basis in September 2016, to €6.1bn, the lowest since February 2013.

Eurozone ministers on November 7 2016 will be informed on the findings of the first post-programme surveillance mission to Cyprus, which took place at the end of September this year.

Residential and most commercial property prices rose in the second quarter of 2016 driven by an increase in rents in most property categories, as economic growth is consolidating, the Cypriot division of the Royal Institute of Chartered Surveyors said.

Bank of Cyprus’ chief executive officer John Hourican said the lender may consider the issue of new tier 2 capital to further strengthen its balance sheet.

The members of the European Parliament are expected to vote on a special provision whereby the EU would pay up to 85% of project costs in Cyprus until the closure of the 2014-2020 programmes.