Economic sentiment improved in Cyprus in September, showing an increase of 1.3 points compared to August 2019, figures published on Thursday by the economic research centre of the University of Cyprus show.
According to the economic sentiment indicator (ESI-CypERC) study, the increase was due to stronger business confidence in services and industry as well as confidence improvements among consumers.
“The consumer confidence indicator increased mainly due to more optimistic assessments of the future economic conditions in Cyprus and less pessimistic responses regarding consumers’ intentions to make major purchases in the near future,” the research concluded.
The increase was driven by firms’ more favourable views on their past performance, business situation and demand.
A marginal decrease in the retail trade confidence indicator resulted from more adverse assessments of the volume of stocks.
The construction confidence indicator also increased marginally due to improved assessments of the level of order books.
More favourable assessments of the stocks of finished products and upward revisions in production expectations drove an increase in the industry confidence indicator.