Cyprus Mail

Economic sentiment improves on stronger business confidence

Economic sentiment improved in August on stronger business confidence in the service sector and, to a lesser extent, from confidence gains in retail, trade, and construction, the University of Cyprus Economic Research Centre (ERC) said on Monday.

According to the centre, the economic sentiment indicator rose by 3.6 points compared with the previous month.

The rise in the services confidence indicator was driven by firms’ more favourable views on their past performance (business situation and demand) and upward revisions in demand expectations.

The marginal increase in the retail trade confidence indicator resulted from firms’ improved assessments regarding their stock volumes, the ERC said.

The rise in construction confidence was mainly due to upward revisions in employment expectations.

Industry, on the other hand, registered a drop in confidence on less favourable assessments of the stocks of finished products and downward revisions in production expectations.

The consumer confidence indicator decreased marginally as consumers’ expectations about the future economic conditions in Cyprus were revised downwards and consumers’ intentions of making major purchases weakened, the ERC said.

Related Posts

SAP SE: Accelerating digital transformation through products and services

CM Guest Columnist

WIRE FS: At the forefront of real estate digitilisation

Paul Lambis

Hellenic Bank: Investing in technology is a win-win

CM Guest Columnist

Leading through Research and Innovation

Paul Lambis

Electronic Product Development: Transforming and improving lives

Paul Lambis

Cryptocurrencies tumble as coronavirus variant shakes markets

Reuters News Service