There was more good news for the economy in June with the 14 percent fall in jobless numbers to 35,265 people from 40,000 in the same month in 2015, said the Cyprus Statistical Service (CySTAT).

Cyprus is in its third quarter of growth after a protracted recession between 2011-2015, meaning that more jobs are being created.

Investor confidence was hard-hit during the recession, in which a number of companies and individuals were forced into bankruptcy.

Salaries are still around 20 percent lower than they were before the crisis, however, so price deflation persists, meaning less profits on goods and services. This is a risk for most companies, which have not yet returned to their pre-crisis spending levels.

Most promisingly, however, the construction industry is picking up. There were 1,262 new jobs created in that sector during June.

Tourism is also growing, with 786 new jobs added during June, according to CySTAT.