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Economic climate in Cyprus improves


There is good news on the economy front according to the Economics Research Centre of the University of Cyprus.

They have announced that the economic climate improved in August with the Economic Sentiment Indicator (CypERC) incresing by 6.6 points, compared with July 2015.

The rise is mainly attributed to the strengthening of the economic confidence in services and among consumers, who are the two basic components of the CypERC.

Last week Cyprus officially declared its economy to be out of recession, less than two and a half years after it was bailed out by the Eurogroup and the International Monetary Fund.

Cyprus entered into an economic adjustment program when it signed a 10-billion-euro financial assistance accord in March 2013.

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