International credit rating agency, Fitch Ratings, has revised the outlook of the Cyprus economy from Stable to Positive.

According to the agency, “developments in public finances continue to materially exceed Fitch's previous expectations".

“The fiscal deficit recorded during the first half of 2014 was smaller than projected reflecting a combination of higher tax revenues and lower-than-expected expenditure across most items."

“Due in part to a shallower recession than previously forecast, the strong budget execution should help narrow the headline fiscal deficit to 3.3% of GDP in 2014, significantly below the 5% projected by Fitch in April.”

The above development is yet another positive note on what many international experts and watchdogs have described as “the miraculous recovery of Cyprus”.