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Economic sentiment up in November, UCy says

Economic sentiment improved in Cyprus in November, mainly driven by services and retail trade, the University of Cyprus said on Thursday.

According to the university’s Economic Research centre, the economic sentiment indicator rose by 2.6 per cent in November compared with the previous month, reaching 115.2 units.

“The increase was driven by stronger business confidence in services and retail trade,” the centre said.

The data showed the Services Confidence Indicator rose as a result of improved assessments by firms of their past business situation and their past demand.

At the same time, the Retail Trade Confidence Indicator increased as respondents’ views on current stock volumes and future sales improved.

On the other hand, the Construction Confidence Indicator deteriorated due to firms’ less favourable assessments of their current level of order books, and downward revisions in employment expectations.

Likewise, the Industry Confidence Indicator recorded a drop due to a large downward revision in production expectations.

A drop in the Consumer Confidence Indicator was driven by downward revisions in consumers’ expectations about their future financial condition and the future economic condition in Cyprus, the ERC said.

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