CYPRUS: Economic sentiment down in June, says UCy

Construction, consumer confidence are negative drivers

The economic sentiment in Cyprus deteriorated slightly in June, according to the University of Cyprus monthly Economic Sentiment Indicator (ESI-CypERC) that declined by 0.8 points from May. The UCy Economics Research Centre (CypERC) said the drop was a result of weaker confidence in the construction sector and among consumers. The May figure had been the highest in recent years, an indication that strong recovery was on its way.

 
The Services Confidence Indicator rose due to more optimistic views expressed by firms regarding their recent business situation and demand.
The Retail Trade Confidence Indicator remained unchanged as the improvement in firms’ assessments concerning past sales was offset by the deterioration in respondents’ views on current stock volumes and future sales.
The Construction Confidence Indicator deteriorated due to firms’ more pessimistic assessments of the current level of order books.
The Industry Confidence Indicator remained unchanged as the improved assessments of current orders were offset by the downward revision of production expectations.
The Consumer Confidence Indicator declined as consumers were less optimistic about their future financial situation, their future savings and the decline in unemployment.