Economic sentiment improves in December 2014

Economic sentiment improved in Cyprus in December 2014 on a better economic outlook in the retail and services sector, a survey co-funded by the European Union said recently.

The Economic Sentiment Indicator (ESI) rose 2.1 points from November to 105.2, a research unit at the University of Cyprus said. It was higher than the long-term average of 100 points since May 2014.

There was improved sentiment among both businesses and consumers. Higher ESI readings have tracked an easing of the recession on the island since mid-2013, it said.

Cyprus, which required an international bailout in early 2013, is expected to return to growth in 2015 after three years of economic contraction. Authorities expect a decline in output of just under 3.0% for 2014.

Source: Cyprus Mail