Economic sentiment deteriorates in September

14:33 - 27 September 2023

Economy

Economic sentiment in Cyprus deteriorated in September according to business and consumer survey results released by the Economics Research Centre of the University of Cyprus (CypERC).

More specifically, economic sentiment decreased by 1.6 points compared with August 2023.

The decrease in the ESI-CypERC "was driven by a further decline in consumer confidence and a deterioration in business confidence in all sectors, except construction".

The Services Confidence Indicator, it added, decreased slightly, as firms assessed their recent business situation less favourably.

The decline in the Retail Trade Confidence Indicator "was due to the deterioration in firms’ views on recent sales and stock volumes."

At the same time, the Construction Confidence Indicator increased marginally, as firms’ employment expectations improved.

According to CypERC, the Industry Confidence Indicator deteriorated for the second month in a row, mainly because of downward revisions in production expectations.

The Consumer Confidence Indicator decreased, the summary reads, "recording its lowest value over the period January – September."

In September, "consumers assessed their recent financial situation and their future financial position more negatively." Moreover, consumers’ views on the recent economic conditions in Cyprus deteriorated markedly.

The increase in economic uncertainty in Cyprus was driven by higher levels of uncertainty among consumers and among firms, primarily in services and construction.

Economic sentiment deteriorates in September

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