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.

Cyprus’ harmonised consumer price index dropped in October by 1% compared to the respective month of 2015 and 0.9% in a month, the statistical service said.

Finance Minister Harris Georgiades has briefed his Eurozone counterparts about the state of play in the island’s reunification process, focusing on economic and financial issues.

Finance Minister Harris Georgiades said that the European Commission is likely to demand an immediate and drastic change of course of the bailed-out cooperative banks.

Limassol-based Columbia Shipmanagement and Marlow Navigation, two of the largest ship management firms in the world, said that they have engaged in exploratory talks aiming at completing a merger.

The government expects the involvement of all European institutions, including the Eurogroup, in a possible solution of the Cyprus problem, said Finance Minister Harris Georgiades, noting that Monday's briefing of the Eurogroup on the financial aspects of a possible settlement would be very important.

Seasonally adjusted volume of retail trade fell by -0.2% in both the euro area (EA19) and the EU28, in September 2016 compared with August 2016, according to estimates from Eurostat, but compared with September 2015 the calendar adjusted retail sales index increased by 1.1% in the euro area and by 2.2% in the EU28.