Cyprus & World News

Economic Sentiment rises in Cyprus for the 13th consecutive month

29 May, 2014

The Economic Sentiment Indicator (ESI) in Cyprus rose further in May, for the 13th consecutive month, this time getting a boost from the services sector and the enhanced confidence of households. Improvement in the economic climate was also recorded in the EU28 and the Eurozone.

According to the monthly report of the Directorate General for Economic and Financial Affairs (DG ECFIN), the ESI, which includes expectations of entrepreneurs in the industry, construction, services and retail and consumer, rose in May by 0.7 points to 102.7 following its almost tantamount decrease in April (102.0 points). In the EU, the headline indicator remained broadly stable (+0.2 points at 106.5).
In Cyprus the index from 97.3 points 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 adjustment program. Since then, the index improved for 13 consecutive months.

With respect to the individual sector indices in Cyprus, an improvement was recorded in services and consumers (households) and a deterioration in construction, industry and retail trade.
The variation of the headline index in each Eurozone country was in May as follows: Malta 109.5 Germany 107.8, Latvia 103.7, Belgium 103.7, Slovenia 102.4, Portugal 102.1 Italy 101.3 , Spain 101.9, Slovakia 101.3, Netherlands 100.6, Austria 100.4, Cyprus 99.3, Estonia 99.2 , Greece 99.1, France 96.7, Luxembourg 95.7, Finland 95.1.