Economy category powered by

Economic sentiment deteriorates in July

Economic sentiment in Cyprus deteriorated in July, with the relevant Indicator dipping 2.7 points compared with June.

The decline, according to a report released by the University of Cyprus’ Economics Research Centre, was down to weaker business confidence in the services sector and, to a lesser extent, lower consumer confidence.

The Services Confidence Indicator decreased as all of its components deteriorated. Firms assessed their past performance (business situation and demand) less favourably and revised their demand expectations downwards.

The Retail Trade Confidence Indicator was the same as June. Improved views on recent sales were offset by deteriorating assessments of current stock levels, while sales expectations stayed largely unchanged.

An increase in the Construction Confidence Indicator was due to more favourable assessments of the level of order books and upward revisions in employment expectations.

The Industry Confidence Indicator improved for the third month in a row. In July, firms’ views on the current levels of order books improved and production expectations continued to pick up; however, firms’ assessments of the stocks of finished products deteriorated.

The Consumer Confidence Indicator decreased, as a result of the downward revisions in consumers’ expectations about the financial situation of their households and the economic conditions in Cyprus. Nevertheless, consumers’ intentions to make major purchases over the next months strengthened in July.

In July, economic uncertainty in Cyprus rose owing to higher uncertainty among consumers and among firms in all sectors, except retail trade.

Read More

Shipping Deputy Minister meets with President of the Arab Academy for Science, Technology and Maritime Transport
Cyprus-based Outfit7 announces new games, new audiences, and new Talking Tom
US delays higher tariffs but announces new rates for some nations
13th Invest Cyprus International Investment Awards almost here
Highest midday power demand of the year anticipated to have been this week, official data show
European Affairs Minister in London for working visit
Christodoulides: New natural gas discovery in EEZ reaffirms Cyprus’ energy potential
Theo Parperis on how establishing Cyprus as one of the region's family office hubs will increase FDI
President to hold teleconference with ExxonMobil this afternoon
Israel's Transport Minister paying Cyprus official visit