CYPRUS: Economic sentiment up in November, says UCy ERC

The Economic Sentiment Indicator (ESI-CypERC) Economics Research Centre of the University of Cyprus increased by 2.8 points in November compared with October.

The increase was driven by a boost in services confidence and, to a lesser extent, confidence improvements in construction, industry and among consumers, the ERC said.

The Services Confidence Indicator increased as a result of firms’ more optimistic views on past business situation as well as past and expected demand.

The decrease in the Retail Trade Confidence Indicator resulted from more adverse assessments of current stock volumes and downward revisions in sales expectations.

The Construction Confidence Indicator increased due to firms’ less pessimistic assessments of the current level of their order books.

The Industry Confidence Indicator increased marginally as a result of improved assessments of overall order books and upward revisions of production expectations.

The increase in the Consumer Confidence Indicator was driven by more optimistic responses regarding future economic conditions in Cyprus and future labour market conditions in the country.