Cyprus’ Economic Rebound Hasn’t Convinced Businesses

August 4, 2019

Some 5 ½ years after needing a 10-billion euro ($11.13 billion) international bailout to keep the economy and banks from going under, Cyprus – driven by record tourism – has come back but business confidence is waning.
Economic sentiment declined in Cyprus in July, compared to June, mostly because businesses aren’t enthusiastic about growth, said a report from the Economic Research Center of the University of Cyprus, according to the Chinese news agency Xinhua.

The European Union and Ministry of Finance funded economic surveys in all 28 member countries and in Cyprus it showed that the monthly Economic Sentiment Indicator fell 1.7 points because of business pessimism.

The decline in the Services Confidence Indicator was driven by less favorable views by firms on their past performance (business situation and demand) and downward revisions in demand expectations and that retail businesses were more negative over downward sales revisions.

It was the same for the construction sector and industry, based on the current level of order books, employment and production expectations, the news agency said.

Curiously though, consumers felt better about future economic conditions than did businesses but it didn’t show in sales, although the report indicated more people were considering more major expenditures, which could bring a boost.

Consumers’ expectations matched improved data about job prospects, fell in June to 6.6, almost 2 percent from the same month a year earlier, also with optimistic projections of economic growth this year and next year.


NIKOSIA - Leading Cyprus group Thanos Hotels and Resorts announced on Wednesday it is entering the Greek luxury hospitality market with a three-year investment plan aimed at opening 10 new hotels.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


New York Greek Independence Parade Honors 1821 and Grim Anniversary for Cyprus (Vid & Pics)

NEW YORK – The New York Greek Independence Parade on Fifth Avenue, commemorating the 203rd anniversary of the Greek Revolution of 1821, was held in an atmosphere of emotion and pride on April 14.

For years, Israel and Iran have been engaged in a silent struggle of mutual annihilation.

ATHENS – The Ilias Lalaounis Jewelry Museum (ILJM) Jewelry Artist in Residence Program (JaIR) accepts applications throughout the year.

CHICAGO (AP) — Pro-Palestinian demonstrators blocked roadways in Illinois, California, New York and the Pacific Northwest on Monday, temporarily shutting down travel into some of the nation's most heavily used airports, onto the Golden Gate and Brooklyn bridges and on a busy West Coast highway.

SPARROWS POINT, Md. (AP) — Nearly three weeks since Baltimore’s Francis Scott Key Bridge collapsed under the impact of a wayward cargo ship, crews are using the largest crane on the Eastern Seaboard to haul the wreckage to a nearby salvage yard.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.