Cypriot businessmen confident about economic recovery

Cyprus's businessmen are more confident than ever before about the economic recovery of the eastern Mediterranean island after its bailout in March 2013, according to a survey released on Wednesday.

Cyprus was bailed out by the Eurogroup and the International Monetary Fund under a 10-billion-euro economic package which has entered its third and final year.

The Economic Sentiment Indicator compiled by the economic research department of the University of Cyprus rose to 103.9 in February relative to 103 points in January on expectation of stronger demand.

Businessmen surveyed said they expected a rising demand in their sectors in the next three months and more job opportunities for the island's unemployed who reached 70,000 or 15 percent of the economically active population.

However, most of the consumers surveyed said they are not expecting an improvement of their economic position during the next 12 months, though they also do not expect a further rise in unemployment.

Cyprus has been in recession since mid-2011 and is projected by its international lenders to return to a modest growth of its 17-billion-euro economy by the end of 2015. Endit