Insider Economy Economic sentiment deteriorates in March reflecting the initial impact of Covid-19

Economic sentiment deteriorates in March reflecting the initial impact of Covid-19

Economic sentiment in Cyprus deteriorated markedly in March 2020, as the Economic Sentiment Indicator (ESI-CypERC) decreased by 12.1 points compared with February 2020, reflecting the initial impact of the coronavirus pandemic on the Cypriot economy.

According to a press release from the Economic Research Centre of the University of Cyprus, the decrease in ESI-CypERC resulted from a deterioration in business confidence in all sectors, particularly in services, as well as from a sharp weakening of consumer confidence.

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

The decrease in the Retail Trade Confidence Indicator resulted from downward revisions in sales expectations.

The Construction Confidence Indicator dropped due to firms’ less favourable assessments of the current levels of their order books and downward revisions in employment expectations.

The Industry Confidence Indicator declined as a result of a deterioration in firms’ assessments of the current levels of their order books and stocks of finished products, as well as downward revisions in production expectations.

The Consumer Confidence Indicator declined as consumers’ expectations about their financial condition and the economic conditions in Cyprus deteriorated sharply, and consumers’ intentions to make major purchases weakened considerably.

(CNA)

Top Stories

Thirteen new corona virus cases detected out of 3,486 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 13 new cases of the SARS-CoV-II virus were detected out of a total...

Results of island-wide random tests will show the way forward, scientific team says

The 10,000 corona virus random tests that were launched yesterday island-wide will show the way forward on how to address the pandemic, members of...

Bad loans in Cyprus down by €43 million in the first quarter of 2020

Cyprus recorded a further decrease of €43 million or 0.5% in aggregate Non Performing Loans (NPLs) at the end of March 2020 compared with...

Baby born as Beirut blast rips through hospital

As a devastating blast wave tore across Beirut after a warehouse explosion, Emmanuelle Khnaisser prepared to give birth to a baby boy as the...

Mainly fine weather with orange alert for extremely high temperatures on Friday

Mainly fine weather on Friday with an orange alert for extremely high temperatures issued – in effect from 12pm to 5pm. Temperatures are expected to...

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...