Economic sentiment in Cyprus improved marginally in November and climbed to 113.9 units, 0.3 units higher than the previous month, driven by robust business confidence in retail trade and industry, and consumer confidence, the University of Cyprus said.
Interviewed retail companies appeared more upbeat about their sales expectations over the next three-month period, the Economic Research Centre of the university said in an emailed statement. Upwards revisions of future production plans and a more favourable assessment of stocks of finished products led to an improvement in business confidence in industry.
On the other hand, a less favourable assessment of future employment levels in the construction sector led to a drop in business confidence among building companies while lower turnover expectations resulted in lower business confidence in services, the ERC said.
The increase in consumer confidence was the result of more optimistic expectations of households regarding their future financial situation and the Cypriot economy, combined with an increased likelihood of households to save, the ERC said.