In June 2019, economic sentiment in Cyprus deteriorated as the Economic Sentiment Indicator (ESICypERC) decreased by 1.9 points compared with May 2019, the Economic Research Centre of the University of Cyprus said on Wednesday,
The decrease resulted from weaker business confidence in the services and construction sectors.
* 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 small increase in the Retail Trade Confidence Indicator was driven by firms’ improved assessments of past sales and current stock volumes.
* The Construction Confidence Indicator declined due to firms’ more negative assessments of their current level of order books, and downward revisions in employment expectations.
* The increase in the Industry Confidence Indicator resulted from firms’ improved views on the current level of their order books and their stocks of finished products. Upward revisions in production expectations also contributed to the increase in the Confidence Indicator.
* The Consumer Confidence Indicator increased marginally mainly due to consumers’ less pessimistic
responses regarding their intentions to make major purchases over the next 12 months.