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Economic sentiment in July up in bailed-out Cyprus

Xinhua, July 27, 2016 Adjust font size:

Economic sentiment in bailed-out Cyprus in July rose by 1.6 points relative to the previous month, according to a European Union (EU)-funded survey by the Economic Research Center (ERC) of the University of Cyprus released on Wednesday.

An emailed statement from ERC said the rise was the result of business confidence picking up in the services, retail trade, and construction sectors.

The services sector improvement reflected the performance of tourism which has increased by nearly 20 percent this year, the survey said.

Trade sentiment improved due to actual and expected sales, and improvement in the construction sector reflected current order books and employment plans as the sector is showing signs of a return.

Indicators in the industry and consumer sectors declined as a result of current overall order books, and pessimism about the future financial situation of households, the survey said.

Cyprus, a EU member rescued by the Eurogroup and the International Monetary Fund and a 10-billion-euro (11 billion U.S. dollar) economic adjustment package, is trying to stabilize its economy after being rescued from bankruptcy just three years ago. Endit