Consumer confidence improved markedly in May relative to the previous month. The improvement observed in the current month confirms the assessment that the deterioration seen in April was mainly due to the impact of developments in Cyprus. At the same time, the recovery of consumer confidence, which began in early 2013, appears to be stabilizing, showing noteworthy resilience to conjunctural changes. However, this recovery does not appear strong enough to restore consumer confidence to pre-Memorandum levels.