Cyprus economic sentiment improves in October

by fm

30th October 2013

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1 min read

The economic sentiment in Cyprus improved in October, according to the European Business and Consumer Survey, published on Wednesday by the University of Cyprus.

The Economic Sentiment Indicator reached 83.3 units in October compared to 82.6 units in September while in April it had reached its lowest point at 64.4 units.

Since April, the indicator has steadily improved and now stands at its highest point in twelve months.

An improvement was recorded in services (+3.6 units), retail trade (+6.3 units), construction (+4.4 units), consumers (+0.1 units).

Conversely the industry indicator fell by (-1.7 units).

On March 25 Cyprus and the Troika agreed on a €10 billion bailout which featured an unprecedented haircut on uninsured deposits in a bid to recapitalise Bank of Cyprus, the island's largest lender. The bailout also provided that Cyprus Popular Bank, the island`s second largest bank would be wound down with its good part absorbed by Bank of Cyprus.