Insider Economy Economic sentiment deteriorates in January

Economic sentiment deteriorates in January

In January 2019, economic sentiment in Cyprus deteriorated as the Economic Sentiment Indicator (ESI-CypERC) decreased by 3.8 points compared with December 2018.

The Economic Research Centre of the University of Cyprus said the decline was mainly driven by confidence losses in services and industry. Economic confidence in construction remained unchanged, while confidence in retail trade changed only marginally. Consumer confidence, measured by the revised Consumer Confidence Indicator,strengthened slightly.

*  The Services Confidence Indicator declined as a result of a deterioration in firms’ assessments of past business situation and past demand, and a significant downward revision in demand expectations.
* The Retail Trade Confidence Indicator decreased marginally mainly as a result of downward revisions in sales expectations.
* The Construction Confidence Indicator remained unchanged as firms’ improved views on the current level of order books were offset by downward revisions in employment plans.
*  The Industry Confidence Indicator decreased mainly due to a large downward revision in production expectations, and a deterioration in firms’ assessments of the current level of order books.
*  The small increase in the revised Consumer Confidence Indicator was driven by improvements in consumers’ views on all components of the Indicator, namely:
(i) household’s financial situation over the past 12 months;
(ii) household’s expected financial situation over the next 12 months;
(iii) expected general economic situation in the country over the next 12 months;
(iv) intentions of making major purchases over the next 12 months.

 

Top Stories

Partly cloudy on Wednesday with local rain, isolated thunderstorms

Partly cloudy on Wednesday with local rain and isolated thunderstorms as well as light snowfall in high mountains. Winds will initially be light to moderate,...

Coronavirus: 109 new cases, two deaths on Tuesday

The Health Ministry on Tuesday announced the death of two people in Cyprus due to Covid-19. This raises the Mediterranean island’s death toll from the...

Health Minister to announce process of covid measures relaxation on Wednesday

Health Minister Constantinos Ioannou on Wednesday will announce the way the strict coronavirus measures now in effect in Cyprus will be gradually relaxed after...

Scientists in Greece find 20 million year-old petrified tree

Greek scientists on the volcanic island of Lesbos say they have found a rare fossilized tree whose branches and roots are still intact after...

Turkey bans parties at ski resorts after Covid curfew backlash

Turkey has banned music and parties at ski resorts after footage of crowded party scenes provoked anger in a country which has endured two months...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...