In the first seven months of 2016 the Cyprus government generated a fiscal deficit of €92m on a cash basis, compared to a surplus of €38.5m in the respective period of 2015, the statistical service said.

Government Spokesman Nikos Christodoulides has said that negotiations on the Cyprus problem are at one of their most critical junctures, since all chapters will be thoroughly discussed by September 14, 2016, during the UN-led talks.

Lending became more affordable for bank customers in Cyprus as interest rates for new loans to households and corporations dropped in July 2016, the Central Bank of Cyprus said.

Cyprus is trying to expedite development of an offshore gas field with a view to supplying the Egyptian market, Energy Minister Yiorgos Lakkotrypis said recently.

Capital Intelligence, the Limassol-based rating company, said that it affirmed Cyprus’ B+ long-term foreign currency sovereign rating, maintaining their positive outlook threatened by substantial risks.

Energy Minister Yiorgos Lakkotrypis and Egypt’s minister of Mineral Resources Tarek El Molla recently signed an agreement for the transport of Cypriot natural gas to offshore and onshore installations in Egypt.

Cyprus’ major banks reduced their overall stock of NPLs in June 2016 by almost €1.9bn, or 7.8%, in the first six months of 2016 to €22.3bn, according to an analysis of bank data.

Cyprus’ consumer price index fell in August 2016 0.4% compared with the respective month of 2015, following an annual deflation rate of 0.2% in July, the statistical service said recently.

Unemployment in Cyprus continues to decline from 11.8% in June 2016 to 11.6% in July of the same year, according to Eurostat – which translates to 1,000 fewer persons being unemployed.

Cyprus’ revenue from tourism rose 16% year-on-year in June, to €301m, boosted by an almost 23% annual increase in arrivals, the statistical service said recently.