Revenue from tourism rose in 2017 by 12% to €2.6bn to an all-time high, aided by a 15% increase in arrivals to 3.7m, which was also a new record, the statistical service said.

Limassol-based rating agency Capital Intelligence has affirmed Cyprus’ long-term and short-term foreign currency sovereign rating at BB- and B and placed it on ‘positive’ outlook, upgrading from previously ‘stable’ amid risks related to high indebtedness.

Delinquent loans in the Cypriot banking system fell in November 2017 by €284.2m in a month and by almost ten times as much in a year to €21.1bn or to 43.7%, the lowest in almost four years, the central bank said.

CyprusProfile talks to Stelios Americanos, Managing Partner of Stelios Americanos & Co LLC, on key areas of opportunity or growth, and expectations for Cyprus in 2018

Hellenic Bank, the third largest Cypriot lender, said recently it had generated an after-tax loss of €45.7m in 2017, down from a €63.5m loss in 2016.

Cyprus’ unemployment rate fell to 9.8% in January 2018, from 10.3% in December, hitting a single digit for the first time in six years, the European Commission’s statistical office said.

A high-powered Cypriot delegation is in Russia to accelerate the exchange of technologies and boost collaboration on innovation and start-ups.

CyprusProfile talks to Stavros Pantzaris, Country Managing Partner of EY Cyprus, on key areas of opportunity or growth, and expectations for Cyprus in 2018

The government last year generated a fiscal surplus on a cash basis of €360.7m or around 1.9% of the economy compared to a surplus of €82.4m in 2016 as higher revenue offset an increase in spending, the statistical service said.

CyprusProfile talks to Alex Mouradian, Sales Director Hellas, Cyprus & Malta of SAP Cyprus Ltd, on key areas of opportunity or growth, and expectations for Cyprus in 2018