The financial crisis in Cyprus has led to a drastic decrease in the volume of business of local Small and Medium Enterprises (SMEs) and the primary concern of local SMEs during 2013 was to survive, according to the European Commission Annual Report on European SMEs.

A luxury hotel complex worth over €80 million will be built on the coastal front of Finikoudes in Larnaca, following recent approval by the town’s municipal council.

GRS, the largest recruitment agency in Cyprus, has been granted the first license to provide temporary workers on the island under the Temporary Workers Act 2012.

Consumer prices fell an annual 0.9% in September 2014 compared to an annual deflation rate of 0.7% in August, the statistical service said recently.

Cyprus has made “remarkable” progress in implementing its economic adjustment programme, said new German Ambassador Nikolai von Schoepff recently, heaping praise on the economic achievements of the Cypriot government.

Cyprus, Malta and Greece recently discussed ways to cooperate and promote a common strategy between the three countries in the shipping sector, during the third tripartite meeting in Valetta, Malta.

Cyprus’ central government posted a budgetary surplus of €149.5 million in the first eight months of the year or just below 1.0% of economic output on increased revenue and decreased spending, the Finance Ministry said.

Cyprus’ revenue from tourism fell 5.1% year-on-year in July 2014, to €321.2 million, the statistical service said.

Unemployment in Cyprus fell to 15.4% in August 2014, the fourth consecutive drop, the EU’s statistical service Eurostat said recently.

Cyprus will receive around €4.0 million as part of emergency market measures for fruit and vegetables in the wake of the Russian ban on EU imports.