Insider Economy Economic climate declines in December

Economic climate declines in December

The economic sentiment in Cyprus declined in December due to weaker business confidence in services and industry.

The Economic Sentiment Indicator compiled by the University of Cyprus’ Economics Research Centre (ERC) dropped by 1.8 points to 109.2 points in December compared with 111.0 points the previous month.

“The decrease resulted from weaker business confidence among firms in services and industry,” the ERC said.

The deterioration in the Services Confidence Indicator was driven by firms’ less favourable views on their past performance (business situation and demand) and downward revisions in demand expectations.

The marginal increase in the Retail Trade Confidence Indicator was driven by improved assessments of past sales and upward revisions in sales expectations, the ERC added, noting that the Construction Confidence Indicator improved due to firms’ more favourable views on the current levels of their order books.

The Industry Confidence Indicator decreased as a result of firms’ more negative assessments of the current levels of their order books.

Furthermore, the Consumer Confidence Indicator remained unchanged as upward revisions in consumers’ expectations regarding their financial conditions and the economic conditions in the country were offset by consumers’ weaker intentions to make major purchases, the ERC added.

Top Stories

Paphos Covid-19 tests to start on Saturday

Paphos will begin testing for coronavirus tomorrow based on a statistical model to ensure a representative demographic sample. A total of 1000 individuals are to...

‘Stay home and work out’ by Cyprus Sports Organisation

The Cyprus Sports Organisation (KOA/CSO) has launched a campaign titled 'Stay home and work out' featuring five videos with exercises for everyone. The campaign aims...

40 Covid-19 patients at referral hospital

Forty Covid-19 patients are currently being treated at Famagusta General Hospital, which is the referral hospital for coronavirus, while at least four are due...

Stay home… and win €500 with KISS 89.0

Kiss 89.0 supports the #StayHome campaign in a special way! Kiss 89.0 calls on its listeners to #StayHome during the lockdown period and enter a...

30 Cypriots repatriated from Thailand, 30 from Poland

Thirty Cypriots who were stranded in Thailand amid the Covid-19 pandemic have been repatriated, Transport Minister Yiannis Karousos said on Friday. Among them is an...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....