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Economic sentiment deteriorates in June

June 26, 2018 at 3:30pm
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In June 2018, the economic sentiment in Cyprus deteriorated as the Economic Sentiment Indicator (ESICypERC)
decreased by 7.0 points compared with May 2018, the Economic Research Centre of the University of Cyprus said on Tuesday.

It said the the decline resulted from confidence losses in all sectors surveyed, and among consumers.
* The Services Confidence Indicator declined sharply due to a deterioration in firms’ assessments of recent business conditions (i.e. business situation and demand over the last three months), and a large drop in demand expectations.
*  The Retail Trade Confidence Indicator decreased as a result of less favourable assessments of past sales, and downward revisions in sales expectations.
*  The decline in the Construction Confidence Indicator was driven by downward revisions in firms’ future employment plans.
*  The decrease in the Industry Confidence Indicator resulted from a deterioration in firms’ assessments of overall order books, and an abrupt downward revision in production expectations.
*  The Consumer Confidence Indicator decreased as a result of less optimistic views on the future economic conditions in Cyprus and the decline in unemployment. Also, downward revisions in consumers’savings expectations affected the Indicator negatively.