The House of Representatives approved the state budget for 2016 by a narrow majority on Thursday 17 December. The budget forecasts a 1.4% increase in state revenue to €5.9 billion, while total expenditure is estimated to fall by 0.4% to €7.4bn. The overall budget deficit including other items is projected at just 0.1% of GDP,...Read More

The Cyprus Statistical Service has confirmed that GDP grew in real terms by a seasonally adjusted 2.2% compared with the same period of the previous year in the third quarter—its strongest pace of growth since 2010. On a non-seasonally adjusted basis, real GDP grew by 2.3%, compared with 0.6% in the second quarter. Both of...Read More

Cyprus, Greece and Egypt agreed on Wednesday 9 December to speed up talks to demarcate sea boundaries in the Eastern Mediterranean, as part of efforts to turn the region into an offshore natural gas hub. Egyptian President Abdel Fattah al-Sisi, Greek Prime Minister Alexis Tsipras and Cyprus President Nicos Anastasiades met in Athens to discuss...Read More