Cypriots turn more pessimistic

Cypriots turn more pessimistic

Economic sentiment deteriorated in Cyprus in June due to weaker business confidence in services, industry and retail trade.

The Economic Sentiment Indicator (ESI) compiled by the University of Cyprus’ Economic Research Center (ERC) declined by 1.4 points in June dropping to 99.8 points compared with 101.2 points the month before.

“The decrease in the ESI-CypERC resulted from weaker business confidence in services, industry and retail trade,” the ERC stated. The Services Confidence Indicator decreased as firms’ assessments of the past business situation deteriorated, while the Retail Trade Confidence Indicator declined marginally as firms assessed their recent sales more negatively and revised their sales expectations downward, despite more favorable views on current stock levels.

Furthermore, the Confidence Indicator in Construction stayed put as improved assessments of the level of order books were offset by more pessimistic employment expectations, the ERC added.

The decrease in the Industry Confidence Indicator was due to less favorable views on the stocks of finished products and more pessimistic production expectations.

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