The Central Bank of Cyprus said that Cypriot banks made less progress than expected in the first quarter of 2017 in meeting the four target indicators for reducing non-performing loans.

A record numbers of tourists from Russia and the UK are continuing to arrive in Cyprus while the total number of visitors from abroad is expected to reach 3.5 million over the coming months.

The number of properties that changed owners in July rose 18% to 739 compared to the respective month of 2016, the Department of Lands and Surveys said.

The Industrial Output Prices Index increased by 0.1% in June 2017, the Statistical Service said recently.

The total debt of households and non-profit institutions stood at €22.0 billion in the first quarter of 2017, remaining at the same level as in the previous quarter, according to quarterly financial accounts published recently by the Central Bank of Cyprus.

Italy’s energy giant ENI is currently carrying out drilling offshore Cyprus and this could lead to a positive development for the whole of Europe.

The Cypriot government posted a €62.5 million fiscal surplus in the first half of 2017 compared with a deficit of €42.4 million in the respective period of 2016, the Finance Ministry said recently.

The Ministry of Finance raised €5.25 million through a six-year bond issue, the Public Debt Management Office said in a press release.

A pharmaceutical tech park is being planned in Paphos, reported to be one of the largest of its kind in Europe.

Two economists said that, following the recent upgrade by Moody’s Investors Service, it is realistic to expect that Cyprus could see its credit rating upgraded to investment-grade through an upgrade from Standard and Poor’s (S&P) in the next 12 months, in line with the Finance Minister’s assessment.