Cyprus Mail
Business Cyprus

Economic sentiment worsens in May, University of Cyprus says

The economic sentiment index fell in May by 2.9 points, to 116.1, in a month on worsening confidence in the sectors of services, industry, and among consumers, the University of Cyprus said.

The decline in confidence in services last month resulted from the interviewed companies’ assessments of business conditions over the past three months combined with a downward revision of expected demand, the Economic Research Centre (ERC) of the university said in a statement on Friday. Companies in the industrial sector cited their inventories of finished products for the declining confidence and a downward revision in expected output.

On the other hand, retail trade companies said their assessment of stock volumes improved and expected more sales in May compared to the month before, the ERC said. Construction companies were also upbeat on more favourable assessment of their order book.

Consumer confidence fell marginally as households expected their future financial conditions and Cyprus’s economic situation to worsen, it said.

Related posts

Coronavirus: Four deaths, 493 new cases

Nick Theodoulou

Heat wave to grind on, orange alert in force (Updated)

Evie Andreou

Thyroid cancer in Cypriot children among the world’s highest

Antigoni Pitta

Top court rejects man’s appeal over sexual abuse sentence

Staff Reporter

Coronavirus: State testing sites for Tuesday

Staff Reporter

Coronavirus: Changes to country catergorisations

Staff Reporter