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Cyprus economic sentiment marginally up in November

Xinhua, November 29, 2016 Adjust font size:

Economic sentiment in Cyprus increased by 0.3 percent in November from October, due to optimism about future developments in the retail trade, industry and consumer sectors, according to a survey by the Economic Research Centre of the University of Cyprus released Tuesday.

The survey, funded by the European Union, recorded changes about economic expectations in the main sectors of the economy.

The Economic Research Center also projected the 2016 gross domestic product (GDP) growth would be close to 3.0 percent, up from an original projection of 2.7 percent.

Cyprus completed a three-year economic adjustment program under a 10-billion-euro (10.6 billion U.S. dollar) bailout by the Eurogroup and the International Monetary Fund that included a radical resolution of the banking system in March 2013.

The Economic Research Center said the retail trade, industry and consumer sectors displayed a more optimistic view of the financial situation and the future economic conditions in Cyprus.

The economic sentiment in these sectors was strong enough to offset less favorable assessments in the key sectors of construction and services. Endit