Cyprus GDP shrank in real terms by 2.2% during the second quarter of this year compared with the same quarter of the previous year, data released recently by the Cyprus Statistical Service show.

The Council of Ministers recently approved the Action Plan of Digital Strategy for Cyprus, with the view to modernising the public sector to operate without paper and by simplifying administrative processes.

The Cabinet decided recently to provide government guarantees to the Bank of Cyprus and the Hellenic Bank for taking loans amounting to €50 and €35 million respectively, from the European Investment Bank (EIB).

While still among the highest in the eurozone, Cyprus' lending rates have been falling lately, European Commissioner for Economic and Monetary Affairs and the Euro Jyrki Katainen said recently.

Ryanair, Europe’s largest budget airline, and Greece’s Aegean were among companies that submitted non-binding proposals for the acquisition of Cyprus Airways, the Transport Minister announced recently.

House prices across Cyprus have recorded the smallest quarterly decline (2%) in the last five quarterly periods (from March 2013) according to the Cyprus Central Bank.

The rate of unemployment recorded a 5.9% dip in August 2014, compared to the corresponding month last year, mainly observed in the sectors of trade.

Total Inland Revenue Department collections have dropped by 3% in the first seven months of the year compared to the same period of 2013, official data released recently shows.

Interior Minister Socratis Hasikos assured Akamas residents recently that the government has plans for projects in the peninsula but declined to name them, pointing out that they are still under discussion.

Rating agency Moody's has announced the placing of the Bank of Cyprus’ long-term deposit ratings on review for upgrade.