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Cyprus

Economic sentiment improves to 16-year high, University of Cyprus says

Economic sentiment in Cyprus rose to 117 points in December, which is the highest level in 16 years, from 113.9 points the month before on improved business confidence mainly in services and trade, the University of Cyprus said.

The improved business confidence in services was mainly on more positive evaluations of their respective financial situation over the past three months by interviewed companies and more optimistic demand expectations over the next three-month period, the Economic Research Centre (ERC) of the university said in a statement on its website.

The improved confidence in retail trade is related to less negative responses about sales over the past three months, the ERC said.

In construction, where business confidence improved to a lesser degree, this was the result of less pessimistic evaluation of projects in process, the ERC continued. On the other hand, business confidence declined in industry on more unfavourable evaluation of final product inventories.

Consumer confidence remained unchanged as more favourable assessments of the household financial situation and the labour market situation combined with a slightly less negative trend towards saving, were offset by a downwards revision of consumer expectations about their financial situation, the ERC added.

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