The economic sentiment in Cyprus improved in October, as the Economic Sentiment Indicator (ESI-CypERC) increased by 1.8 points compared to September 2016 as a result of the pick-up of economic confidence in services, retail trade and among consumers, the Economics Research Centre of the University of Cyprus said.
According to the Business and Consumer Surveys, the Services Confidence Indicator rose due to the upward revisions of firms’ expectations about their turnover over the next three months.
The Retail Trade Confidence Indicator increased as a result of improved assessments regarding firms’ past sales and current stock volumes, and more optimistic responses about sales over the next three months.
The Industry Confidence Indicator remained unchanged as the deterioration of firms’ views of the current level of order books was offset by the improvement of firms’ assessments of the stocks of finished products; moreover production expectations remained unaltered.
The Construction Confidence Indicator deteriorated due to more pessimistic assessments of the current level of order books.
The Consumer Confidence Indicator increased as a result of more optimistic responses regarding the future financial situation of households and the future general economic situation in Cyprus, including labour market conditions./IBNA
Source: Cyprus News Agency