Revenue from tourism rose 28%, to €110m, year-on-year in March, far below the overall 36% increase in arrivals, as Cyprus continued to attract more tourists with smaller travel budgets, the statistical service said.

RCB Bank said recently it recorded a net profit of €97.2m in 2017, up 19% from 2016, on increased non-interest income and domestic operations and improved efficiency.

A company that says it has helped changed the face of Limassol is now in the midst of constructing a trio of towers in the heart of the city.

Hellenic Bank, the island’s third largest lender said that it generated in the first three months of the year an after-tax profit of €28.6m compared to a net loss of €10.1m a year before mainly on reduced provisions.

The economic sentiment index fell in May 2018 by 2.9 points, to 116.1, in a month on worsening confidence in the sectors of services, industry, and among consumers, the University of Cyprus said.

Cyprus’ unemployment rate dropped below 9% in April 2018, the first time since December 2011, slightly above the euro area’s average, the European Commission’s statistical office said.

Fnance Minister Harris Georgiades said recently the government will do everything necessary to safeguard financial stability on the island.

Uncertainty, energy costs, regulation, skills, and access to finance are the major impediments for future investments in Cyprus according to a European Investment Bank (EIB) survey on investment and investment finance for Cyprus in 2017.

The European Investment Bank (EIB) recently confirmed €35 million in new financing for the expansion of strategic oil reserves in Cyprus.

Austrian airline Laudamotion is about to start flights from Vienna to Paphos, a move welcomed by the Paphos regional tourism board recently.