Months after Cyprus has exited the MoU, the country is on a positive path towards continuing economic recovery, though risks related to a high NPL ratio and Brexit instability remain.

The Cyprus subsidiary of Greece’s Piraeus Bank was recently sold to Lebanese M Holding Sehnaoui SAL with the new investors to inject fresh capital of €40m.

The Statistical Service of Cyprus announced that it has published the new monthly electronic publication 'Intra-Extra EU Trade Statistics (Summarised Data)' for April 2016.

The unemployment rate of people over 15 dropped to 14.1% in Q1 2016, from 17.6%, in Q1 2015, and rose from 12.7% in October to December, the statistical service said.

President Nicos Anastasiades urged the business community recently to make the most of investment and entrepreneurship opportunities and to take advantage of the government's determination to create a more productive and competitive economy.

The number of registered unemployed fell year on year by 5,611 or 13.7% in June 2016 to reach 35,265 according to the latest data from the Statistical Service, Cystat.

Cyprus is not expected to be affected in terms of tourist arrivals this year as a result of Brexit, although the purchasing power of British tourists has been affected due to the declining British pound.

Property prices in Cyprus rose in all asset classes except retail in the first three months of 2016, compared with Q4 2015, as rents increased in all categories, the Royal Institute of Chartered Surveyors said.

President Nicos Anastasiades recently received a delegation of Total, the French energy giant, which holds a hydrocarbons concession in Cyprus’ Exclusive Economic Zone (EEZ).

Building permits in January to April dropped an annual 4.9% in terms of construction area and 5.2% in terms of project value to 279,299 square metres and €298 m respectively, the statistical service said.