Cyprus Mail

Optimism among manufacturers lifts economic sentiment in March

Economic sentiment in Cyprus rose by 0.6 points in March to 114.8, compared with February, mainly on improved business confidence in industry and a marginal improvement in consumer confidence, the University of Cyprus said.

Less pessimistic evaluation of interviewed companies concerning their current order book, as well as an upwards revision of expected production over the next three months, were responsible for the improved business confidence in the industrial sector, the Economic Research Centre (ERC) of the University of Cyprus said on Wednesday on its website.

The improvement in consumer confidence is linked to an expected drop in the number of unemployed with consumers being less negatively inclined towards saving, the centre said.

The sentiment in services remained unchanged in March compared with the month before, as the less favourable evaluation of the interviewed firms’ financial situation offset the more favourable assessment about demand over the next three months, the ERC said.

In retail trade, the business sentiment remained unchanged in March as more negative responses regarding sales over the last three-month period were offset by more optimistic expectations over the next three months, the ERC said.

Lastly, construction companies were more pessimistic about projects in progress and revised their expectations regarding employment levels downwards.

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