In November 2019, economic sentiment in Cyprus improved as the Economic Sentiment Indicator (ESI-CypERC) increased by 1.2 points compared with October 2019.
The increase resulted mainly from stronger business confidence among firms in services and construction as well as from confidence improvements among consumers.
- The increase in the Services Confidence Indicator was driven by firms’ more favourable views on their past performance (business situation and demand) and upward revisions in demand expectations
- The decrease in the Retail Trade Confidence Indicator was due to downward revisions in sales expectations.
- The Construction Confidence Indicator improved mainly due to upward revisions in employment expectations.
- The Industry Confidence Indicator rose marginally as a result of firms’ improved views on the current level of their order books.
- The increase in the Consumer Confidence Indicator was driven by more favourable assessments of the households’ financial situation, upward revisions in consumers’ expectations regarding the economic conditions in the country, and consumers’ stronger intentions to make major purchases.