CYPRUS: Business sentiment edges up in November

Economic sentiment edged up in November as the Economic Sentiment Indicator conducted by the Economics Research Centre of the University of Cyprus (ESI-CypERC) increased by 0.3 points compared to October because of improvements in retail trade, industry and consumer confidence.

The Retail Trade Confidence Indicator increased because of firms’ more optimistic views regarding their sales over the next three months, the monthly survey said.
The increase in the Industry Confidence Indicator was mainly driven by upward revisions in firms’ future production plans and more favourable assessments of the stocks of finished products.
The Consumer Confidence Indicator increased as a result of consumers’ more optimistic responses regarding their future financial situation and the future economic conditions in Cyprus, in general; a less negative attitude towards savings also contributed to the pickup of the Indicator.
The Construction Confidence Indicator declined because of firms’ less favourable assessments of their future employment plans.
The Services Confidence Indicator fell due to more pessimistic views regarding firms’ future turnover.