Economic sentiment has improved in Cyprus in July

Economic sentiment has improved in Cyprus in July as the data released today by the Directorate General for Economic and Financial Affairs of the European Commission (EC) indicate.

The Economic Sentiment Indicator (ESI) in the Eurozone countries recorded in July an increase to 101.3 from 99 units in June, while it increased by 1.9 points in the European Union.

In Cyprus ESI climbed to 85.1 units in July compared with 81.9 units in June. In Greece it increased to 66.3 units from 63.8 units recorded in June.

The ESI mainly represents the confidence of the businessemen for the sectors of industry, construction, services and retail trade, as well as the consumer's confidence.

The statistics reveal that in both Cyprus and Greece, there has been a significant improvement in the Services Confidence Indicator, by -10 points and -23 points respectively.

However, the Industrial Confidence Sector in Cyprus recorded further deterioration from -6 points in June to -9 points in July, whereas in Greece the Sector showed an improvement from -25 to -23. Eurozone average was at -4 points.

The Retail Trade Confidence Indicator remained unchanged in Cyprus, at -22 points, whereas in Greece it dropped to -59 points.

According to the statistics, confidence in the construction area improved by four points to -45, whereas in Greece dropped to -59 points from -56 in the previous month.

There was also an improvement in the Consumer Confidence Indicator in both Cyprus and Greece.

The sentiment regarding employment also showed a small improvement to -14 points compared with -18 in June.