Cyprus business confidence worsens in August

The business confidence index deteriorated by 6.4 units in August 2009 to 60.8 units according to the Business and Consumer Survey conducted by the Economic Research Centre of the University of  Cyprus in cooperation with the European Committee.
The decline in the Business climate index resulted from the deterioration in all sectors and among consumers. In specific, the services sector (which bears the highest weight in the index) declined from -15 in July to -17, the manufacturing sector from -8 to -20 and the construction sector from -44 to -49, whilst consumer sentiment was also weaker (from -33 to -38 in August).