Agriculture Minister Nicos Kouyialis is set to lock in additional EU support for the local citrus trees sector and agriculture in general in Brussels, as a countermeasure to the EU embargo imposed on Russia and the problem of drought.

President Nicos Anastasiades has expressed his government's determination to protect and further develop the island's shipping sector.

The trade deficit was €3.375,4m in January-December 2015 compared to €3.701,5m in the corresponding period of 2014, according to data released by the Statistical Service of Cyprus.

After Cyprus’ ‘clean’ exit from the bailout programme, the government is now looking to secure a ‘clean’ post-bailout entry into the financial markets.

Cyprus can hope that economic growth will match the Finance Ministry’s 2% forecast in 2016 provided the government remains on its reform course, a business group official and an economist agreed.

Cobalt air will be flying to 16 cities from Larnaca when it begins operations, while the first of its three Airbuses will arrive within the next few days, chairman Grigoris Diakou said recently.

The House recently gave the nod to regulations governing the establishment and operation of an integrated casino resort, paving the way for the government to start negotiations with companies shortlisted for the lucrative licence.

The impact of the 2013 financial crisis on Cyprus' companies, as well as on the economy in general, has been marked by a rapid fall in the rate of bounced cheques and the rise in liquidations, all benchmarks of a contracting economy, according to an analysis commissioned by the Infocredit Group.

Applications for the registration of new companies in Cyprus accelerated by 38% year on year in February 2016, figures released by the Companies Registrar show.

The bailout of Cyprus by international lenders prompted much-needed reforms on the island, President Nicos Anastasiades told CNBC recently.