The European Commission said that it expects Cyprus’ economy to grow 2.8% this year and 2.5% in 2017, slightly more pessimistic compared to the government’s forecast.

Cyprus’ harmonised consumer price index dropped in October by 1% compared to the respective month of 2015 and 0.9% in a month, the statistical service said.

Finance Minister Harris Georgiades has briefed his Eurozone counterparts about the state of play in the island’s reunification process, focusing on economic and financial issues.

Finance Minister Harris Georgiades said that the European Commission is likely to demand an immediate and drastic change of course of the bailed-out cooperative banks.

Limassol-based Columbia Shipmanagement and Marlow Navigation, two of the largest ship management firms in the world, said that they have engaged in exploratory talks aiming at completing a merger.

The government expects the involvement of all European institutions, including the Eurogroup, in a possible solution of the Cyprus problem, said Finance Minister Harris Georgiades, noting that Monday's briefing of the Eurogroup on the financial aspects of a possible settlement would be very important.

Seasonally adjusted volume of retail trade fell by -0.2% in both the euro area (EA19) and the EU28, in September 2016 compared with August 2016, according to estimates from Eurostat, but compared with September 2015 the calendar adjusted retail sales index increased by 1.1% in the euro area and by 2.2% in the EU28.

This week is crucial for the future development of the Paphos Marina, as this is the week of the November 10, 2016 deadline for the submission of economic guarantees by the winning consortium.

Finance Minister Harris Georgiades said that Cyprus’ economy has displayed “resilience and adaptability”, following the 2013 banking crisis, which helped the economy recover at a faster than expected pace.

On the 14th of October 2016, the amendments to the Income Tax Law of Cyprus as to the new IP regime have been passed by the House of Representatives and subsequently, the amendments were published in the Official Gazette on the 27th of October 2016.