The trade deficit for the period January-February 2016 was €465.7 million, compared to €368.4 million during the same period in 2015, according to data published recently by the Statistical Service of Cyprus.

In March 2016 compared with February 2016, the seasonally adjusted volume of retail trade fell by 0.5% in the euro area (EA19) and by 0.7% in the EU28, according to estimates from Eurostat.

BY 2020, Cyprus wants to have the digital world become integral in the public’s use of government services making more available to citizens online.

Finance Μinister Harris Georgiades said Cyprus should remain on the course of economic reforms and fiscal prudence to help it regain its investment grade sovereign rating and reduce its borrowing costs.

Building permits fell almost 20% year-on-year in terms of construction area and 17% in terms of volume in the first two months of 2016, suggesting a possible slow down in construction activity, the statistical service said recently.

European digital or electronic signature is coming to Cyprus, as experts from Estonia are helping the government make decisions in setting up a digital platform that would enable different transactions between agencies, companies and individuals in fast and secure networks.

Initial financial reports for Q1 2016 at Bank of Cyprus are positive, showing a €1b decrease of non-performing loans (NPLs), along with a €50 million profit.

The European Commission (EC) expects growth to maintain momentum in Cyprus in the course of 2016 and 2017 at 1.6% and 2.0% respectively.

Local authorities in Cyprus are increasing their efforts for carbon emissions reduction and energy transition based on new European programmes, the results of which were presented and discussed among other topics in a three-day congress earlier in May in Nicosia.

The turnover of retail trade increased in the first two months of 2016, the Statistical Service announced recently.