Insider Economy Economic sentiment hits 12-month low in July

Economic sentiment hits 12-month low in July

The University of Cyprus Economic Research Centre said on Monday that economic sentiment in Cyprus deteriorated in July as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.7 points compared with June 2019.

According to the Economic Research Centre, the Indicator fell for the third consecutive month hitting its lowest level in 12 months.

The decrease, it said, resulted from weaker business confidence in services, retail trade, construction and industry.

The decline 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 decrease in the Retail Trade Confidence Indicator resulted from more negative assessments of past sales and downward revisions in sales expectations.

The small decline in the Construction Confidence Indicator was due to firms’ more negative views on the current level of their order books and downward revisions in employment expectations.

The decrease in the Industry Confidence Indicator resulted from more negative assessments of the current level of order books and downward revisions in production expectations.

The Consumer Confidence Indicator increased marginally mainly due to more optimistic assessments of the future economic conditions in Cyprus and less pessimistic responses regarding consumers’ intentions to make major purchases in the near future.

(Cyprus News Agency)

Top Stories

Repatriates make 7 out of 8 new coronavirus cases reported today

Repatriates made 7 out of eight new coronavirus cases reported today by the health ministry out of a total of 1953 tests, raising the number...

It’s merciless-Major blaze near the Panayia Evangelistria chapel in Xylofagou

  It's been a very difficult day for the fire and forestry departments as more than a dozen fires broke out all over Cyprus. A major...

Second fire at Diorios-Kapouti area in north-6th front today

  A second fire has broken out in the Diorios-Kapouti area in the Turkish-occupied north, a week after a massive blaze caused major destruction in...

Malta-Greece top low risk, Switzerland-Czech Republic higher risk for visitors to Cyprus

The Health Ministry announced the results of an epidemiological risk assessment, in an attempt to classify low and higher risk countries, when international airports...

Major Achna fire under control after burning farms, animals and tractors (update)

  A dramatic effort by a strong ground fire fighting force, a Russian Gamov helicopter and dozens of locals, brought a major blaze in the...

Taste

Fish meatballs

In a bowl, mix the finely chopped onion and parsley. Boil the fish, cut into small pieces and add to the bowl. Add salt...

“Frappe” Greek iced coffee

Frappé coffee (also Greek frappé or café frappé Greek: φραπές, frapés) is a Greek foam-covered iced coffee drink made from instant coffee (generally, spray-dried...

A guide of Summer fruits from Cyprus

Cyprus summer love! Cyprus summer fruits! So, what are the summer fruits which can be bought in Cyprus? Watermelon A Cypriot summer is not complete without...

Stuffed vine leaves with artichokes (Lenten)

Blanch the vine leaves in hot water. For the stuffing, finely chop the artichokes and the onions and sauté in olive oil until translucent....