Economic sentiment in Cyprus registered in September its third monthly growth, mainly owing to increased confidence in services, industry and consumers.
The Economic Sentiment Indicator (ESI) of the University of Cyprus Economic Research Centre (ERC) in September registered an increase of 3.4 points reaching 115 points.
“The increase was driven by stronger confidence in services, industry, and, to a lesser extent, among consumers,” ERC said.
According to ERC, the Services Confidence Indicator increased as a result of improved assessments of past business situation and past demand, and significant upward revisions in demand expectations.
The Retail Trade Confidence Indicator decreased due to a deterioration in firms’ assessments of past sales and current stock volumes, and downward revisions in sales expectations, ERC added.
The Construction Confidence Indicator remained unchanged as both of its components (current level of order books and employment expectations) stayed at about the same levels as in the previous month.
Improved assessments of current orders and stock volumes of finished products, and upward revisions in production expectations, pushed the Industry Confidence Indicator increased upward.
According to ERC, the increase in the Consumer Confidence Indicator was driven by upward revisions in consumers’ expectations regarding their financial conditions, savings and the future economic conditions in Cyprus.