Insider Economy Economic sentiment drops by 5.2 points in January due to covid lockdown

Economic sentiment drops by 5.2 points in January due to covid lockdown

Economic sentiment in Cyprus deteriorated this month with the indicator going down by 5.2 points compared to December 2020 because of the new lockdown aiming to curb the spread of the coronavirus.

This is what a press release on Wednesday by the Economic Research Centre of the University of Cyprus said.

The drop in the Economic Sentiment Indicator resulted from a weakening of economic confidence among businesses and consumers, it added.

The drop in the Services Confidence Indicator was driven by a deterioration in all of its components, namely past business situation, past turnover and demand expectations.

The Retail Trade Confidence Indicator decreased due to less favourable views on recent sales and stock volumes, despite upward revisions in sales expectations.

The Construction Confidence Indicator declined as firms gave more negative assessments of the levels of order books and revised their employment expectations downwards.

The decrease in the Industry Confidence Indicator resulted from more unfavourable views on the stocks of finished products and more pessimistic production expectations, despite improved assessments of the current levels of order books.

Consumers’ expectations about their financial conditions and economic conditions in Cyprus were revised downwards, resulting in a drop in the Consumer Confidence Indicator, despite stronger intentions for making major purchases.

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