Economic sentiment in Cyprus deteriorated in March as the Economic Sentiment Indicator (ESICypERC) decreased by 2.0 points compared with February 2019, the Economics Research Centre of the University of Cyprus said on Tuesday.
It said that the decrease was mainly driven by a decline in business confidence in the services sector.
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 marginal increase in the Retail Trade Confidence Indicator was due to upward revisions in sales expectations.
The Construction Confidence Indicator increased as a result of firms’ improved assessments of the current level of their order books.
The increase in the Industry Confidence Indicator resulted from firms’ more favourable assessments of their stocks of finished products.
The Consumer Confidence Indicator decreased marginally as consumers’ assessments of the future economic conditions in Cyprus deteriorated, and their intentions to make major purchases weakened.