Insider Business Economic sentiment in Cyprus drops in October due to services

Economic sentiment in Cyprus drops in October due to services

Economic sentiment in Cyprus declined in October, with the Economic Sentiment Indicator (ESI) dropping by 2.4 points compared to the previous month, due to the deterioration of confidence in the services sector.

The ESI compiled by the University of Cyprus Economic Research Centre (ERC) declined to 112.6 units compared with 115 units in September.

“The decline was mainly driven by confidence losses in services, while economic confidence in industry, construction, retail trade and among consumers changed only marginally in October,” the UCY ERC said.

The Services Confidence Indicator declined due to a deterioration in companies’ assessments of past business situation as well as past and expected demand, whereas the retail trade Confidence Indicator increased as a result of improved assessments of past sales and upward revisions in sales expectations, the ERC said.

The Construction Confidence Indicator increased due to improved assessments of the levels of order books, the ERC added.

According to the ERC, the Industry Confidence Indicator fell as a result of a deterioration in firms’ assessments of the current level of order books and stocks of finished products.

The ERC noted that the marginal increase in the Consumer Confidence Indicator was driven by more optimistic responses regarding future economic conditions in Cyprus, including labour market conditions.

Consumers’ expectations about their own financial conditions and savings deteriorated.

(Cyprus News Agency)

Top Stories

Greece records over 2 thousand new covid cases in tragic peak-135 in ICUs (update)

  Greece recorded a new surge in new covid-cases, going over two thousand daily tally for the first time since the start of the pandemic. 2,056...

Cyprus records Covid death, raising number to 33, five critical-149 new cases

  A ninety one year old woman with underlying illnesses, succumbed to Covid-19 today at the Famagusta General raising the number of positive cases who...

Greek Orthodox priest shot in Lyon, France; assailant flees (update 2)

  A Greek Orthodox priest was shot and injured at a church in the French city of Lyon by an assailant who then fled. The priest...

Tala fire under control

  A massive blaze between the Tala, Koili and Kissonerga communities was placed under control late this afternoon, after more than two hours. It destroyed trees,...

The first 007 dies at 90-So long Sean Connery

  Scottish movie legend Sean Connery, who shot to international stardom as the suave, sexy and sophisticated British agent James Bond and went on to...


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...


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...