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12° Nicosia,
22 June, 2024
 

Economic sentiment in Cyprus marginally improves in April

The economic sentiment was driven by stronger business confidence in services and industry, and firmer consumer expectations

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The economic sentiment in Cyprus rose marginally in April, driven by stronger business confidence in services and industry, and firmer consumer expectations, the University of Cyprus’ Economic Research Centre said.

The Economic Sentiment Indicator ESI, edged up by 1.5 points in April compared with the previous month, reaching 119 points.

“The increase was driven by stronger business confidence in services and industry"

“The increase was driven by stronger business confidence in services and industry, and firmer consumer confidence,” the ERC said.

The Services Confidence Indicator increased as a result of firms’ more optimistic views on their past business situation and their past demand, the ERC added.

It said the Retail Trade Confidence Indicator declined as a result of deterioration in firms’ assessments of their stock volumes, and downward revisions in sales expectations.

The Construction Confidence Indicator deteriorated due to a more pessimistic view by firms on their current level of orders, while the Industry Confidence Indicator increased as a result of improved assessments of current orders and stock volumes of finished products.

The increase in the Consumer Confidence Indicator was driven by upward revisions in consumer expectations about their future financial conditions and savings, and the future economic conditions in Cyprus.

Post-bailout Cyprus is experiencing above average GDP growth compared to other eurozone countries.

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