Economic Sentiment Indicator improves in Cyprus

Economic Sentiment Indicator in Cyprus has greatly improved for the fifth month running according to September data published by the European Commission.

European Commissions’ Directorate – General for Economic and Financial Affairs ESI survey results for business, industry, construction, services and retail sectors as well as consumers show that in the Eurozone during September ESI was 103.2 units compared to 102.3 in August.

In Cyprus the general indicator increased to 93.1 units in September from 87.3 units in August and 85.1 units in July.

The services indicator improved significantly in September increasing at +5 units in contrast with -7 units in August. Eurozone average was +8 units.

The industry indicator was also up increasing from -7 units in August to -4 units in September. Eurozone average was -2 units.

The retail sector also improved by 7 units reaching -15 units in September in relation to -22 units in August. Eurozone average was -1 units.

Construction remained unchanged at -47 units. Eurozone average is -26 units.

As far as consumer expectations are concerned the indicator deteriorated in September at -32 units in comparison to -30 units in August. Eurozone average was -11 units.

Employment indicator for businessmen also deteriorated reaching -13 units in September compared with -7 units in August.