Here are the top business stories in Cyprus from the week starting October 30:

The Cyprus Economic Sentiment Index (ESI) saw a minor decline in October, primarily influenced by the weakening business climate in the services sector, according to a report by the University of Cyprus’ Economic Research Centre (CypERC).

Cyprus’ Industrial Production Index continued to experience an upward trajectory, increasing by 3 per cent in August 2023, reaching 121.8 points, with 2015 being set as the base year, compared to August 2022, according to a report released on Monday by the state’s statistical service.

The European Central Bank (ECB) has kept interest rates unchanged, breaking a remarkable trend of ten successive rate hikes. Responding to this development, Victor Trokoudes, CEO and founder of fintech Plum, which has offices in Nicosia, Athens and London, commented that the ECB was “facing one of their trickiest decisions yet on interest rates”.

Household debt in Cyprus has fallen to 69 per cent of the Gross Domestic Product (GDP), according to a report released on Tuesday by the Central Bank of Cyprus (CBC), for the period ending June 2023.

The government is working towards making Cyprus energy independent, Energy Minister George Papanastasiou said on Tuesday.

Long-term conflict in the Middle East could delay projects for the development of natural gas fields, experts said on Tuesday as others postulated that in the next three to four years important projects in Cyprus’ exclusive economic zone (EEZ) would take their course no matter what.

Cyprus has been selected to host the International Conference and General Assembly of the Women’s International Shipping and Trading Association (WISTA International) in 2024, with the event set to take place in Limassol.

HELLENiQ ENERGY, formerly known as Hellenic Petroleum, on Tuesday announced the acquisition of six solar parks in Cyprus with a total capacity of 26 MW.

Despite the accumulated challenges it faces, the real estate sector in Cyprus continued to display its resilience during the third quarter of 2023, the Real Estate Agents Registration Council said on Wednesday.

Amid the war in the Middle East, high energy prices, persistent inflation, and high interest rates, the country is facing serious challenges, all of which have contributed to increased economic uncertainty.

At a time when the cruise tourism industry is showing amazing prospects around the world, the crisis that has erupted in neighbouring Israel is creating new factors, which may negatively affect the entire Eastern Mediterranean region, said Permanent Secretary of the Deputy Ministry of Tourism, Costas Constantinou, on Wednesday.

The Cypriot government has reported a surplus of €931.6 million for the period spanning January to September 2023, according to a preliminary estimate released this week by the state’s statistical service.

After two consecutive months of inflationary increases, October has brought signs of moderation in Cyprus’ inflation rate, according to the latest report by the Cyprus Statistical Service (Cystat).

The President of the European Investment Bank, Werner Hoyer, is set to make an official visit to Cyprus on Monday.

The University of Cyprus’s Economics Research Centre (CypERC) this week revised its projections for the country’s real GDP growth downward for 2023, citing various challenges and uncertainties.

Limassol’s real estate market saw a total of 1,235 properties being sold during the third quarter of 2023, with a combined value of €310 million, according to Cypriot fintech Ask Wire.

The 2023 Startups4Peace (Su4P) programme, the EU Innovative Entrepreneurship project, funded by the European Union, in collaboration with the Embassy of Finland, this week revealed the names of the five winning startups.