The economic climate in Cyprus, Greece and the euro area barely improved in June, according to the data released today by the European Commission.
According to the monthly report of the Directorate General for Economic and Financial Affairs of the European Commission, the general Economic Sentiment Indicator (ESI), which records the expectations of entrepreneurs in industry, constructions, services and retail trade and consumers, fluctuated in euro area in June to 98.7 points from 98.4 points in May. Across the EU27 ranged to 100.1 points from 100.2 points in May.
In Cyprus, the general ESI rose from 81.7 points in May to 81.9 points in June.
Regarding the individual indicators, in Cyprus the services index deteriorated further in June and ranged to -19 points from -12 points in May. The average index of the European Community and in the eurozone was four points, respectively.
The index of the industry improved in Cyprus from -10 to -6 points. The average of the Community was -6 points and the eurozone.
The index of retail trade deteriorated in Cyprus from -19 points in May to -22 in June, while the average index of the Community was -4 points and the eurozone -6 points.
In the construction sector, the situation deteriorated in Cyprus from -47 points in May to -49 points in June, while the average in the Community was -32 points and in the eurozone -30 points.
The rate of the consumers improved in Cyprus from -38 to -36 points in June. The average in the Community was -15 points and -17 points in the eurozone.
In employment, the index of expectations within the entrepreneurs deteriorated in Cyprus from -13 to -18, while in the Community was -6 points and eurozone -9 points.
Among the largest member states of the EU, the UK (-3 points) reported the biggest drop in sentiment (especially in industry), followed by France (-2.3) and the Netherlands (-2.0).
In contrast, Spain (+2.3) reported the most significant increase – although this was from one of the lowest levels in the euro area. Improvements were less pronounced in Italy (+1.4). Sentiment in Germany (+0.4) and in Poland (-0.5) remained broadly unchanged.
The general economic climate indicator recorded in each euro area country in June, was: Cyprus 81.9, Greece 63.8, Belgium 101.4, Germany 106.2, Spain 90.2, France 96.6, Italy 97.2, Luxembourg 95.5, Malta 106.5, Netherlands 97.5, Austria 106.8, Portugal 90.2, Slovenia 96.5, Slovakia 98.6, Finland 106.1. For Ireland the figures are not available.
