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In March economic sentiment in Cyprus deteriorated as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.6 points compared with February.
The decline resulted from a worsening of business confidence in services, industry, and among consumers, according to the Economic Research Centre of the University of Cyprus.
According to the data, the Services Confidence Indicator declined due to a deterioration in firms’ assessments of past business situation and past demand, while the Retail Trade Confidence Indicator rose as a result of improved assessments of past sales and stock volumes, and upward revisions in sales expectations.
Moreover, the study shows that the Construction Confidence Indicator increased due to improved assessments of the levels of order
books. The Industry Confidence Indicator declined as a result of a deterioration in firms’ assessments of the current level of order books and stocks of finished products.
It also points out in its research that the decrease in the Consumer Confidence Indicator was mainly driven by downward revisions in
consumers’ expectations about their future financial conditions and the future economic conditions in Cyprus.
