articles | 10 January 2014

Economic Sentiment Indicator increases in Cyprus

A significant improvement in the economic sentiment in Cyprus was registered for the eighth consecutive month, according to the Economic Sentiment Indicator for December 2013, issued recently by the European Commission.

The Economic Sentiment Indicator increased by 1.6 points in the euro area (to 100.0) and 1.4 points in the EU (to 103.5). Sentiment in the euro area is thus back to its long-term average for the first time since July 2011. In the EU, the average had already been passed in September. In the euro area, the marked improvement resulted from rising confidence among consumers, as well as managers in services, retail trade, construction and, to a lesser extent, industry. Economic sentiment improved in three of the five largest economies, namely Spain (+4.0), Italy (+2.3) and the Netherlands (+1.5), while remaining virtually unchanged in Germany and France (both +0.3). In Cyprus, the indicator increased from 84.6 points in November to 87.1 points while the lowest indicator was registered in April, right after the Eurogroup decision. The improvement in Cyprus was registered in industry (+3.8 points), retail trade, (+7.2 points), construction (+5.1 points) and consumers ((+6.3 points). In the services sector, the indicator fell by-3.5 points.

Source: Famagusta Gazette

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