Cyprus’ shipping sector has evolved into one of the leading sectors of the economy in recent years and is navigating the island to economic recovery, President Nicos Anastasiades said recently.

Paphos looks set to encourage more Ukrainian travellers to the town as more than one hundred travel agents will participate in a three day conference which kicked off recently.

Revenue from tourism in Cyprus marked a rise of 26% in November 2015, official figures showed recently.

Consumer prices fell 1.3% in January compared to the respective year of 2015 after falling 1.2% in December on lower energy prices, the statistical service said.

Cyprus is among the most energy dependent European Union countries, with imports accounting for 93.4% of energy consumption, according to Eurostat.

The hydrocarbon association has urged officials to draft a comprehensive strategy without delay to secure the uninterrupted continuation of natural gas and oil companies’ operation in Cyprus.

The European Commission (EC) published its winter forecast for EU countries for 2016, forecasting growth of 1.5% for Cyprus and 1.9% for the EU as a whole.

The interest rates on loans for house purchase decreased to 3.28% in December 2015, compared with 3.37% in the previous month, according to data released recently by the Central Bank of Cyprus.

The expansion of Cyprus’ aviation sector in 2016 will help fuel a rise in visitors to the island, as airlines including Russia’s second-biggest carrier apply for local licenses, Transport Minister Marios Demetriades said recently.

In a recent decision of a Cypriot 1st Instant Court issued in the context of an application for enforcement of a foreign arbitral award on the basis of New York Convention, it has been inter alia held, that a dismissal of such enforcement application, on the ground that the applicant has not presented all the required documents under Article IV of the Convention, does not engage the res judicata rule, and the applicant may file a new request, for recognition or enforcement of such foreign arbitral award.