Unemployment in Cyprus in October 2018 edged up to 8.5% from 8.4% in September, but was down from 10.0% in October 2017, Eurostat said recently.

Revenue from tourism reached €378.8 million in September 2018 compared to €371m in the corresponding month of the previous year, recording an increase of 2.1%, on the basis of the results of the Passenger Survey released by the Statistical Service of Cyprus.

€13 billion in foreign deposits were removed from Cypriot banks since 2011, according to Central Bank figures.

Economic sentiment improved in Cyprus in November 2018, mainly driven by services and retail trade, the University of Cyprus said recently.

Cyprus has been upgraded back to investment grade by DBRS Ratings Limited, following recent upgrades from Standard & Poor’s and Fitch Ratings.

The increase of Cyprus’ capacity to absorb more funds from the pool of EU competitive programmes is a top priority, as this would increase the growth prospects of the country, Minister of Finance Harris Georgiades has said.

Bank of Cyprus recently announced an after-tax loss of €37m for the first nine months of 2018 compared with an after-tax loss of €553m in the same period las year.

Energy companies Total and ENI have applied for an exploration licence in block seven of Cyprus’ exclusive economic zone, the Energy Ministry announced.

Cyprus is very close to reaching an agreement with the countries involved in the construction of the East Med pipeline to transfer natural gas from the Eastern Mediterranean to Europe, a government source said recently.

A new five star hotel with sporting facilities, the Olympia Sports Resort, is planned for the Alaminos area, the press reported recently.