Economic sentiment in Cyprus improves in July, says the ERC

Economic sentiment in Cyprus improves in July, says the ERC

Nicosia, July 27, 2016/Independent Balkan News Agency

The economic sentiment in Cyprus improved in July as the Economic Sentiment Indicator (ESΙ-CypERC) increased by 1.6 points compared to June 2016 as a result of the pickup of business confidence in services, retail trade and construction, the Economics Research Centre of the University of Cyprus said on Wednesday.

The Services Confidence Indicator rose due to firms’ more positive assessments of past business situation and demand, said the ERC.

It added that the Retail Trade Confidence Indicator increased because of more positive responses regarding firms’ recent sales and stock, as well due to improvement in firms’ sales expectations

The Construction Confidence Indicator improved due to less pessimistic assessments of the level of current order books and employment plans, according to the survey.

It said that the decline in the Industry Confidence Indicator is driven by the deterioration of firms’ views of the level of their current overall order books and stock of finished products.

The Consumer Confidence Indicator decreased as a result of consumers’ less optimistic responses regarding the future financial situation of their household and the future general economic situation in Cyprus, including labour market conditions, it noted.

Source: Cyprus News Agency