Consumer prices fell 1.3% in January compared to the respective year of 2015 after falling 1.2% in December on lower energy prices, the statistical service said.

Cyprus is among the most energy dependent European Union countries, with imports accounting for 93.4% of energy consumption, according to Eurostat.

The hydrocarbon association has urged officials to draft a comprehensive strategy without delay to secure the uninterrupted continuation of natural gas and oil companies’ operation in Cyprus.

The European Commission (EC) published its winter forecast for EU countries for 2016, forecasting growth of 1.5% for Cyprus and 1.9% for the EU as a whole.

The interest rates on loans for house purchase decreased to 3.28% in December 2015, compared with 3.37% in the previous month, according to data released recently by the Central Bank of Cyprus.

The expansion of Cyprus’ aviation sector in 2016 will help fuel a rise in visitors to the island, as airlines including Russia’s second-biggest carrier apply for local licenses, Transport Minister Marios Demetriades said recently.

In a recent decision of a Cypriot 1st Instant Court issued in the context of an application for enforcement of a foreign arbitral award on the basis of New York Convention, it has been inter alia held, that a dismissal of such enforcement application, on the ground that the applicant has not presented all the required documents under Article IV of the Convention, does not engage the res judicata rule, and the applicant may file a new request, for recognition or enforcement of such foreign arbitral award.

One of the UK’s biggest tour operators, which plans to bring in more than 250,000 tourists in 2016, has said that although prospects are good for this year, Cyprus should be doing better.

Minister of Energy, Trade, Industry and Tourism George Lakkotrypis is upbeat on tourism, saying that the positive trend is expected to continue in 2016, although global challenges for the industry will also have their impact on Cyprus.

Public expenditure was equal to public revenue in 2014 according to Finance Minister Harris Georgiades.