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Cyprus sees uptick in economic sentiment

Cyprus sees uptick in economic sentiment

The economic climate has improved this month in Cyprus, as the Economic Research Center of the University of Cyprus’ Economic Sentiment Indicator (ESI-CypERC) rose 0.4 points from September.

According to a press release by the ERC, the marginal increase in the ESI was driven by confidence gains in services and retail trade. The Services Confidence Indicator rose for the second month in a row, mainly as a result of more optimistic views on turnover over the next three months. The increase in the Retail Trade Confidence Indicator was due to improved assessments of past sales and stock levels, and upward revisions in sales expectations.

The drop in the Construction Confidence Indicator was driven by the deterioration in firms’ assessments of the current levels of order books. The Industry Confidence Indicator decreased as a result of downward revisions in production expectations.

The decline in the Consumer Confidence Indicator was due to a deterioration in most of its components. In October, consumers assessed their recent financial situation less favorably and revised their expectations regarding the future economic conditions in Cyprus downward.