Insider Economy Economic sentiment in Cyprus improves in July

Economic sentiment in Cyprus improves in July

Economic sentiment in Cyprus improved in July driven by improved confidence in services and consumers, the University of Cyprus’ Economics Research Centre says in a bulletin for the month.

“In July 2020, economic sentiment in Cyprus improved as the Economic Sentiment Indicator increased by 4.5 points compared with June 2020,” the bulletin reads.

The increase in the ESI-CypERC, the ERC says, “was driven by confidence improvements in services and among consumers.”

The increase in the Services Confidence Indicator resulted from firms’ “less adverse assessments of their recent turnover and upward revisions in demand expectations.”

The marginal drop in the Retail Trade Confidence Indicator was due to worsening views on past sales and current stock levels, despite the upward revisions in sales expectations, it says.

The Construction Confidence Indicator fell as firms’ assessments of the level of order books deteriorated further and future employment plans were more pessimistic, it adds.

According to the ERC the Industry Confidence Indicator remained unchanged as the improved views on the current level of order books and upward revisions in production expectations were offset by more adverse assessments of the current level of stocks of finished products.

The improvement in Consumer Confidence Indicator was mainly driven by “upward revisions in consumers’ expectations about their future financial conditions and the future economic conditions in Cyprus,” the bulletin reads.

In July, it continues, “uncertainty in services, construction and industry declined; the largest decrease was recorded in services.”

Uncertainty among firms in the retail trade sector and among consumers increased.

“Uncertainty in all sectors and among consumers remains elevated compared to a similar period in 2019,” it notes.

Source: CNA

Top Stories

Drop in new covid cases and hospitalised, 202 and one death

  Cyprus recorded one covid-19 death over the past 24 hours, raising the number of victims to 167, 111 men and 56 women with an...

Rapid test locations on Sunday

  Here are the rapid test locations for Sunday January 17 Limassol Tassos Papadopoulos Building-Technical University Limassol (corner of Ifigeneias and Themidos) 8.30-04.30 Ayia Varvara Church Zakaki 9.00-04.30 Ayios Stylianos Church,...

Low visibility on highways as bad weather continues

  Visibility is very low on the Larnaca-Nicosia and Nicosia-Limassol highways, with the network near the Mosfiloti area becoming waterlogged. Police are calling on drivers to...

Explainer: Can Trump pardon himself? Would the courts reject the move?

  As he prepares to end a tumultuous four years as U.S. president facing potential legal jeopardy, Donald Trump has discussed the possibility of pardoning...

U.S. state capitals on edge for armed protests as Trump presidency nears end

  U.S. law enforcement officials are gearing up for pro-Trump marches in all 50 state capitals this weekend, erecting barriers and calling in their National...


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...