Optimism among businesses drove improving economic sentiment in Cyprus in February 2015, although consumer confidence remained weak, a publicly funded survey showed recently.
The Economic Sentiment Indicator (ESI) prepared by the University of Cyprus rose by 0.9 points in February to 103.9 compared to January’s 103 points. Businesses surveyed reported they expected rising demand for their services over the coming three months, and an improvement in employment levels.
Conversely, consumers surveyed said they had negative expectations for the economy, with most stating there was little chance of them saving money.
Cyprus has been in recession since mid-2011 and required a €10 billion bailout from the European Union and the International Monetary Fund in 2013.