Insider Economy Economic climate in Cyprus improves following a two-month significant drop due to...

Economic climate in Cyprus improves following a two-month significant drop due to Covid-19

Economic sentiment in Cyprus marked a 2.3 point increase in June following significant reductions in the last two months, affected by the lockdown measures to curb the spread of the coronavirus epidemic, the University of Cyprus’ Economic Research Centre (ERC) has said.

The Economic Sentiment Indicator (ESI-CypERC) rose to 75.2 units in June from 72.9 in the previous month. In March and April, the ESI marked a steep decline of 26 units affected by Covid-19.

“The increase in ESI-CypERC was driven by confidence gains in all sectors, except in construction, as well as by improvements in consumer confidence,” the ERC said.

However, the ESI remains significantly lower compared with the pre-Covid levels. The Services Confidence Indicator rose marginally as the upward revisions in demand expectations were almost offset by the deterioration in firms’ assessments about their recent performance.

The Retail Trade Confidence Indicator rose due to firms’ more favourable assessments of their stock levels and upward revisions in sales expectations.

According to the ERC, the Construction Confidence Indicator remained unchanged as more optimistic employment expectations were offset by worsening assessments of the levels of order books, the ERC added.

Less adverse assessments of the current levels of order books and upward revisions in production expectations, pushed the Industry Confidence Indicator upwards.

The increase in the Consumer Confidence Indicator reflected less pessimistic views on all three forward-looking components, namely household financial condition, economic conditions in Cyprus and expenditure on major purchases, the ERC said

“Although business and consumer expectations improved in June, uncertainty in all sectors and households increased vis-à-vis a similar period in 2019,” the ERC added, noting that uncertainty among firms in services and consumers rose further in June.

(CNA)

Top Stories

Two men wanted in relation to theft and arson cases (photo)

Police are looking for two persons, other details unknown, in relation to car theft and arson cases under investigation, offenses committed between the dates...

PM Mitsotakis: Greece-Egypt’s agreement on maritime zones a national success

Prime Minister Kyriakos Mitsotakis said on Friday that the agreement between Greece and Egypt for the delimitation of their maritime zones, reached on Thursday,...

Cyprus’ President calls on Cypriots to donate food for Lebanon

Cyprus' President Nicos Anastasiades has called on Cypriot citizens, companies and businesses to contribute by donating generously to the campaign for collecting specific kinds...

Cyprus rescue teams begin operations in Beirut

Cyprus rescue teams which are in Lebanon began their operations since 7 am on Friday, in cooperation with a team from Qatar in Beirut`s...

Toddler almost drowned in Paralimni

A 14-month-old girl almost drowned on Friday morning at Paralimni. According to police, it was around 8:30 am when the baby girl who resides in...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...