Manufacturing production fell 3.0% year-on-year in August to 54.8 points, as most manufacturing sectors saw their production decline, the statistical service said recently.

Banks saw the highest deposit outflow in September 2014 since the aftermath of the island’s bailout in March 2013, Central Bank (CBC) figures showed.

The central government generated a €207.6 million surplus in the first three quarters of the year on a cash basis or 1.3% of the economy compared with a fiscal deficit of €411.8 million a year before, mainly on reduced spending, the Finance Ministry said recently.

Cyprus ranks 64th out of 189 countries, in the World Bank’s annual ‘Doing Business’ report, published recently.

Christos Hasapis announced recently he will be stepping down as Bank of Cyprus chairman at the upcoming shareholders’ meeting in November 2014.

Egypt, Greece, and Cyprus recently censured Turkey’s actions within the island’s exclusive economic zone (EEZ) and called on the neighbouring country to terminate unauthorised survey operations.

Cyprus tourism officials believe that the number of tourist arrivals from Russia will peak at 650,000 this year, second only to arrivals from the U.K., while Russians are the third best spenders on the island.

Economic sentiment fell in October by 0.5 points compared to the month before mainly on a deterioration of investor confidence in all economic sectors to 100.5 points compared to 85 points a year ago, the University of Cyprus said.

Chinese investors have shown an interest to invest in Paphos and are particularly keen to look at the potential of the town hosting a casino resort.

The results of the recent stress tests on Cypriot banks confirm the final stabilization and restoration of confidence in the financial system of Cyprus and the positive outlook, says the Finance Minister.