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Economic Sentiment in Cyprus further improves in March

28 March, 2014

Economic sentiment indicator in Cyprus continued to improve in March, for the eleventh consecutive month, according to the European Commission.

The Commission notes the fact that among the countries under economic adjustment programs, in Cyprus, the economic sentiment indicator is on a three – year record high, reaching 93.5 points compared to 92.9 in February. The lowest recorded was in April last year, after the Eurogroup`s decisions for Cyprus.

In Cyprus there was an increase in services confidence (+4.1 points), in constructions (+3.5) and in consumers (+0.8), while the industry indicator was down by 0.3 points, and retail trade by 5 points.

In March the Economic Sentiment Indicator (ESI) increased by 1.2 points in the euro area (to 102.4), while remaining broadly flat in the EU (a marginal increase by 0.3 points to 105.3).

In the euro area, the improved sentiment was driven by markedly more confident consumers. The increases in services and retail trade confidence were comparatively modest and industry and construction sentiment remained broadly unchanged compared to February.

All of the five largest euro area economies saw the ESI rising, in general fuelled by buoyant consumer confidence. The Netherlands booked the sharpest ESI increase (+2.3), followed by Spain (+2.2) and Italy (+1.3), while France (+0.7) and Germany (+0.4) saw only modest improvements.