Domestic credit card use in local retail was up 4% to €2.24 billion in 2014 while transactions of Cypriot card spending abroad fell 8% last year reaching €1.15 billion.

Producer prices in construction fell 0.4% in the third quarter of 2014 compared to a year before and rose 1% compared to the previous quarter, the statistical service said recently.

Finance Minister Harris Georgiades said that the worst is over with non-performing loans (NPLs) in Cyprus’ banking system.

Top Kinisis Travel, the agency appointed by the government to re-ticket Cyprus Airways passengers, served 4,000 people on Saturday and Sunday in the wake of the national carrier’s demise.

Cyprus saw its revenue from tourism slump 12% in October 2014 compared to a year ago to €217 million, the statistical service said recently.

The government wants to establisha new airline in succession of Cyprus Airways with the same brand name and logo in partnership with private investors.

Cooperative credit institutions in Cyprus have witnessed an influx of deposits totalling €260 million and an increase in their deposit base in the last two months of 2014.

The year 2015 will bring about a reckoning for Cyprus. Set to exit recession and back on international markets, the country is ripe for economic recovery – with tourism, energy and financial services driving growth

Cyprus Airways was shut down after the European Commission ruled that more than €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid and €66m had to be repaid.

Authorities further relaxed restrictions on capital movement citing “important progress” in stabilising the banking system and restoring investor and depositor confidence in the banking system, the Finance Ministry has said.