Cyprus’ economy is projected to expand 2.9%, which is the fastest pace since 2008, and beats the 2.2% and 2.7% updated forecasts by the Finance Ministry and the central bank respectively, even as Brexit and the political and economic uncertainty the June 23 referendum triggeredpose a downside risk, the University of Cyprus said.

Israeli Delek Group Ltd announced that its gas and oil exploration units Avner Oil and Gas LP and Delek Drilling LP have bid for Cyprus’ EEZ third licensing round, for hydrocarbon exploration in blocks 6, 8 and 10.

The Cyprus Tourism Organisation (CTO) is seeking to beef up its promotion and advertising campaign for 2017 by asking for the government to cough up a further €12 million to add to its €48m budget.

Energy Minister Yiorgos Lakkotrypis said that some of the companies already involved in oil and gas exploration in Cyprus’ exclusive economic zone had submitted bids in Cyprus’ third licencing round.

Cyprus' Industrial Turnover Index for April 2016 marked an increase of 0.9% year on year reaching 76.5 units, the Statistical Service (Cystat) has announced.

The Council of Europe Development Bank will extend a €32m loan to the University of Cyprus to finance the expansion of its campus, the Finance Ministry said.

Moody’s Investors Service said that it expects that 2016's strong performance of the tourism industry will help Cypriot banks via opportunities to extend new lending and sell assets in their possession and reduce their stock in bad loans.

The amount of non-performing loans in the Cypriot banking system fell by €144.3m from April to May 2016, and by €1.6bn compared with May 2015, to below €25.4bn, which is the lowest since December 2014 when the current methodology was introduced, the Central Bank of Cyprus said.

A Bloomberg survey of 9 economists' forecasts for Cyprus’ economic indicators through 2018 is good news for the Cyprus economy.

The countdown to submit proposals for research and exploitation of hydrocarbons in the three blocks of the Cypriot EEZ up for offer in the third licensing round has begun.