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Significant improvement in the economic climate in Cyprus

The European Commission states that there is a Significant improvement in the economic climate in Cyprus

The economic climate in Cyprus has made further substantial improvement in May 2014, for the 13th consecutive month , this time getting a boost from the services sector , and to strengthen confidence of households.

According to the monthly report of the Directorate General for Economic Affairs of the European Commission , the Economic Sentiment Index , which includes expectations of entrepreneurs in industry , construction , services and retail and consumer , rose in May to 102 in the Eurozone 7 points from 102.0 points in April. Across the EU, the index rose to 106.5 points from 106.3 points.

In Cyprus the index from 97.3 units in April rose to 99.3 points, while the lowest point of the index was recorded in April 2013, immediately after the decision of the Eurogroup for the country's accession to the adjustment program. Since then, the index improved for 13 consecutive months.

The variation of the basic index in each Eurozone country was in May as follows : Malta 109.5 Germany 107.8 , 103.7 Latvia , Belgium 103.7 , 102.4 Slovenia , Portugal 102.1 Italy 101.3 , Spain 101.9 , 101.3 Slovakia , Netherlands 100.6 , 100.4 Austria , Cyprus 99.3 , 99.2 Estonia , Greece 99.1 , France 96.7 , Luxembourg 95.7 , Finland 95.1 .

The improvement in the economic activity is now improving the construction industry demand with foreign investment starting to increase. Prices are still stable and the outlook is positive with prices possibly increasing in the next 12-24 months.



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