Economic sentiment in Cyprus improved significantly in May, a publicly funded survey showed on Wednesday, reaching 2010 levels after hitting a trough due to its international bailout last year. The economic sentiment indicator (ESI) rose 2.3 points in May to 100.7 points, topping its 100-point base level for the first time in four years, on the back of an improved outlook in the services sector.
That area was likely to drive future economic growth, researchers at the University of Cyprus said. The ESI is collated from respondents in surveys ranging from consumer spending patterns to retail trade, manufacturing and construction. Readings below 100 mean negative sentiment and above that base level indicate optimism.