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Economic sentiment down in June, ERC says

The economic sentiment indicator declined by 0.8 points in June, to 117.6, as confidence in construction fell, accompanied by a drop in consumer confidence, the University of Cyprus said.

The decline of consumer confidence this month was mainly due to more pessimistic household assessments about their financial situation and their expectation with respect to unemployment over the next 12 months, as well as a more negative stance towards savings, the Economic Research Centre of the university said in an emailed statement on Tuesday.

Interviewed construction companies were more pessimistic in assessing their current order book in June, the ERC added.

Business confidence among retail companies remained unchanged in June as more unfavourable responses about the current inventories and expectations about sales over the next three months offset an improved assessment of sales over the past three years, the ERC said.

The picture in industry was similar, as an improved assessment of current orders was offset by a downwards revision of output expectations over the next three months, the centre said.

On the other hand, service companies said they were encouraged by their improved financial situation and demand over the past three months, the ERC said.

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