The economic sentiment dropped slightly in February compared with previous month, driven by confidence loss in industry, consumers and to a much lesser degree in retail trade, according to the University of Cyprus Economics Research Centre on Tuesday.
The services confidence indicator picked up as firms appeared more optimistic while retail trade confidence dropped slightly driven by a deterioration in firms’ assessments of past sales, and downward revision of sales expectations.
The construction confidence indicator remained unchanged as firms’ upward revisions in employment expectations were offset by more negative assessments of the current level of their order books.
The industry indicator declined as a result of a deterioration in firms’ views on their stocks of finished products, and downward revisions in production expectations.
The Consumer Confidence Indicator fell as a result of consumers’ less favourable responses regarding their past financial situation, their future financial conditions and future economic conditions in Cyprus.