Cyprus Mail

Economic sentiment drops in March, UCy says

By Stelios Orphanides

The economic sentiment index fell in March by 1.6 points to 117.5 compared to February after peaking at 119.9 in November, as confidence in the services and industrial sector and among consumers fell, the University of Cyprus said.

Companies in the services sector evaluated their current financial situation and turnover less favourably over the past three-month period, contributing to more pessimism, the Economic Research Centre (ERC) of the academic institution said in a statement on its website. Demand expectations remained unchanged compared to February.

In the industrial sector, less favourable responses on current orders and inventory led to the deterioration in confidence, the ERC said. In addition, households were more reserved with respect to their future financial situation.

stronger business confidence in retail trade caused by an improved current situation and expectation and less unfavourable evaluation of the current order book in construction partly offset the overall decline in confidence, the ERC added.

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