The Industrial Output Prices Index for October 2016 reached 98.8 units (base 2010=100), remaining stable compared to September 2016, according to data from the Statistical Service of Cyprus.

The Turnover Value Index of Transport and Storage for the third quarter of 2016 recorded an increase of 2.7% compared to the corresponding quarter of 2015, announced the Statistical Service of Cyprus recently.

The seasonally-adjusted unemployment rate for Cyprus was 12.0% in October 2016, unchanged since September, but much lower than the 13.8% same month last year.

The EastMed gas pipeline is both technically feasible and commercially viable, a preliminary study into the mooted project has determined.

Finance Minister Harris Georgiades said the Cypriot economy’s growth rate in 2016 and next year will approach 3% on a boost from all significant productive sectors.

Parliament looks set to pass the government’s draft 2017 budget after two opposition parties pledged to join DISY in forming a 30 to 26 majority, it emerged on the first day of the budget debate.

The Consumer Price Index for November 2016 decreased by 1.4% compared with November 2015, while for January-November 2016, CPI also decreased by 1.5% compared to the corresponding period of 2015.

Although there will be many economic benefits from a Cyprus settlement, potential risks must be avoided by bringing financial structures and procedures into line with EU norms, Finance Minister Harris Georgiades said recently.

A €77 million contract has been signed between Pafilia, J & P and ACC for the construction of a huge residential ‘One’ tower on October Avenue in Limassol.

The University of Cyprus and Imperial College London are joining forces to build a €40m centre of excellence for research and innovation, starting in March 2017, with a focus on improving the local power system and the water, transportation and communication networks.