Cyprus’ economy expanded 1.7% in 2015 and experienced a significantly flatter recession the year before, the statistical service said citing “methodological improvements”.

Cyprus is set to have its first casinos by July next year if Melco-Hard Rock is awarded the casino contract.

A total of 7,591,000 passengers travelled by air in Cyprus in 2015, representing growth of 3.6% since 2014.

RCB Bank, the unit of Russia’s state-owned VTB and Otkritie Financial Corporation, has agreed with the European Investment Bank (EIB) and the Cypriot government to pump a further €40m into the Cypriot economy.

The Cooperative is in a race against time to achieve its goals within certain timeframes, as a step towards privatisation has been made to join the Cyprus Stock Exchange.

The official operator of the EuroAsia Interconnector electricity connection announced that work on the 1,520km ‘electricity highway’ that will secure international energy supply will begin in 2017.

Cyprus will win back market confidence if it continues its efforts to reform and consolidate the economy, Finance Minister Harris Georgiades said recently.

Cyprus and Egypt recently signed an air transport agreement in Cairo providing for multiple carriers rather than just one from each side which was the case up to date.

Home prices on the island fell 0.9% in the second quarter of 2016 compared to January to March, the statistical service said.

Cobalt, the Cypriot airline which launched its flight programme in July 2016, said that it would increase the number of its aircraft to six by the beginning of 2017.