Limassol business community's optimism-to-pessimism improves compared to last year

The optimism-to-pessimism ratio of Limassol's business community for the Cyprus economy has improved compared to last year, with marginal progress noted in hiring intentions and satisfaction with investments, according to the 15th edition of the Business Barometer report (Autumn 2024), published by the Limassol Chamber of Commerce and Industry.

The report, which is now available in English and Greek on the Chamber’s website, presents insights into issues affecting businesses and economic trends, with a focus on the perspective of Limassol's business community. The Chamber examined among other indicators, two key metrics: projected sales and confidence in the prospects of the Cypriot economy.

The optimism-to-pessimism ratio for the economy has improved compared to last year, with marginal progress noted in hiring intentions and satisfaction with investments, the Chamber said. Regarding challenges, the ranking remains essentially the same, with labour shortages still topping the list, and government departments not being perceived as particularly business-friendly.

When it comes to risks, the only significant concern is the rising cost of operations, while other risks are considered more manageable. The greatest impacts on the Cypriot economy comes from external factors, such as rising commodity prices and geopolitical crises in Ukraine and the Middle East.

Additionally, businesses appear to lack knowledge and action regarding ESG (Environmental, Social, and Governance) obligations, a gap that could lead to significant costs for non-compliant entities. To address this, the Chamber plans to develop educational programs to support businesses.

The evaluation of existing systems and facilities related to the circular economy has worsened, while questions about sustainable mobility solutions yielded positive responses. The full, detailed findings of the Barometer are available to anyone interested on the LCCI website in both Greek and English.