The sector of oil retail is set to change in Cyprus after Greek company Motor Oil struck a €10 million deal to buy out all 31 Lukoil gas stations in the Republic of Cyprus.

Cyprus may have beaten every estimate both at home and abroad but the economy's positive prospects should not lead us to complacency because we still have road to cover, Minister of Finance Harris Georgiades has said.

Rural and fishery areas in Limassol falling within the Limassol Development Company’s (ANELEM) area of operations, are in for a €5.6 million boost.

The gold reserves of the Central Bank of Cyprus (CBC) are intact and are being stored in the vaults of a central bank in a European country, CBC governor Chrystalla Georghadji assured MPs recently.

An International Monetary Fund (IMF) mission will be visiting Cyprus as of November 9, 2016 to conduct comprehensive tax diagnostics said IMF Representative in Cyprus Vincenzo Guzzo.

DP World Limassol, the new managing company of Limassol port, plans to increase cruise ship arrivals at the city’s port.

Tourism Minister George Lakkotrypis has expressed cautious optimism about 2017 being an even better year for Cyprus in terms of attracting tourists to the island, following meetings with travel industry professionals during the World Travel Market in London.

Cyprus’ trade deficit in January to September 2016 widened by €600.8m to €3.1bn, or 24%, compared with the respective period of 2015, mainly on imported ships and aircraft, the statistical service said.

Building permits in January to August 2016 rose in terms of volume but dropped in terms of value, an indication that construction activity is likely to continue picking up over the coming months on lower-value projects, the statistical service said.

The European Commission said that it expects Cyprus’ economy to grow 2.8% this year and 2.5% in 2017, slightly more pessimistic compared to the government’s forecast.