Cyprus Mail
Cyprus

Only 3 per cent think economy is doing ‘very well’

A young woman gives some coins to an old lady on Ledra Street yesterday. Most Cypriots are pessimistic about their prospects for 2014

By Angelos Anastasiou

ALMOST everyone surveyed in the latest Eurobarometer report on Cyprus believes the economy is in ‘bad’ or ‘very bad’ shape but there was that 3.0 per cent who thought it was ‘good’ or ‘very good’.

The survey was conducted on behalf of the European Commission from November 2 to 17 using personal interviews.

According to the results, 97 per cent of Cypriots perceive the state of the country’s economy as ‘bad’ or ‘very bad’, with 3.0 per cent apparently rating it ‘good’ or ‘very good’. The European Union’s (EU) corresponding mean responses were 68 and 31 per cent.

In terms of outlook over the next 12 months, only 7.0 per cent of Cypriots anticipate an improvement, with 72 per cent expecting it to deteriorate and 19 per cent predicting the situation would remain the same.

Some 27 per cent of Cypriots rate their personal professional state as ‘good’, with 39 per cent rating it as ‘bad’, whereas the overall EU responses are 54 per cent ‘good’ and 29 per cent ‘bad’.

Describing their household’s financial situation, 58 per cent of Cypriots say it is ‘bad’ or ‘very bad’, with 42 per cent rating it as ‘good’ or ‘very good’. The EU average is 63 per cent (‘good’ or ‘very good’) and 35 per cent (‘bad’ or ‘very bad’).

Only four per cent of Cypriots think their financial situation will improve next year, compared to 50 per cent who think it will worsen and 42 per cent who believe it will stay the same.

The state of the labour market in Cyprus is perceived to be ‘bad’ or ‘very bad’ by 98 per cent of Cypriots, with 2.0 per cent considering it ‘good’. The EU corresponding averages are 78 per cent (‘bad’ or ‘very bad’) and 20 per cent (‘good’ or ‘very good’). Over the next twelve months, only 5.0 per cent of Cypriots expect the labour market to improve, while 74 per cent foresee further deterioration.

Regarding the direction their country is heading in, 64 per cent of Cypriots say it is heading ‘in the wrong direction’ and 13 per cent believe the country’s direction is right.

Cypriots consider the two major problems facing their country to be unemployment, 77 per cent and the state of the economy, 74 per cent.

The Cyprus government enjoys the trust of only 26 per cent of Cypriots (higher than the EU-wide 23 per cent), while 68 per cent say they do not trust the government.

The Cyprus parliament enjoys the trust of a mere 18 per cent of Cypriots, with 77 per cent stating their distrust.

A similar pattern emerges with respect to trust towards political parties. Only 7.0 per cent the parties with 91 per cent saying they distrust them.

When it comes to the EU, only 17 per cent in Cyprus say they trust the bloc with 75 per cent distrusting it. The overall corresponding averages in the EU are 31 and 58 per cent.

The United Nations (UN) is also low on trust in Cyprus with only 18 per saying the trust the international organisation and 74 per cent distrusting them.

Asked whether the EU was responsible for current austerity, 77 per cent of Cypriots responded in the affirmative and 19 per cent think not.