Consumer prices dropped an annual 0.3% in December 2016, mainly on cheaper industrial goods and services which offset price increases of energy products and agricultural goods, the statistical service said.

Bank of Cyprus, the island’s largest lender, has appointed Credit Suisse and HSBC as global coordinators and joint bookrunners for exploratory roadshows ahead of a subordinated tier 2 bond issue, Bloomberg reported recently.

The high ratio of corporate debt in Cyprus, accumulated before the culmination of the banking crisis, has a strong and negative effect on investment and thus on economic output and therefore its expedient reduction could help economic recovery, the International Monetary Fund said in a working paper.

Interest rates for consumer and housing loans declined in November 2016, while household one-year notice deposit interest rates dropped to a new low, figures released by the CentralBank of Cyprus (CBC) show.

Economic sentiment in Cyprus is up in December 2016, according to the Economic Research Centre of the University of Cyprus.

The number of immovable property sales contracts deposited at the Land Survey Department (LSD) reached relatively high numbers for 2016, making it the largest increase year on year in the past decade.

The European Commission has welcomed Paphos as one of the EU’s two Cultural Capitals for 2017, sharing the honour with Aarhus, Denmark.

In 2018, legislation which ties life expectancy to the retirement age will take effect, extending the retirement age in Cyprus.

The Finance Ministry’s Public Debt Management Office said that the government sold a total of €100m in 13-week treasury bills at an average yield of 0.02%, which is the lowest ever.

Sapienta Economics projects a real GDP growth rate of 2.6% in 2017, following an estimated growth rate of 2.8% in 2016.