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Economic sentiment indicator declines marginally in October

Cyprus’ Economic Sentiment Indicator (ESI) declined marginally in October driven down mainly by the weaker business confidence in the services sector, the University of Cyprus Economic Research Centre (ERC) has said.

The ESI in October declined to 106 units in October, down by 0.5 units compared with the previous month, registering monthly losses for the second consecutive month.

“The decrease in the ESI-CypERC was mainly driven by weaker business confidence in services,” the ERC said, noting the Services Confidence Indicator declined, as firms assessed their recent and future turnover less favourably.

The Retail Trade Confidence Indicator registered a small decline mostly due to a deterioration in firms’ assessments of the current stock levels, while the Construction Confidence Indicator improved primarily because of the upward revisions in employment expectations.

According to the ERC, the Industry Confidence Indicator increased marginally as a result of more optimistic production expectations, despite worsening views on the current levels of the stocks of finished products.

The Consumer Confidence Indicator remained broadly stable at the level registered in September. On the one hand, consumers’ assessments about their recent financial situation improved and consumers’ intentions to make major purchases strengthened; on the other hand, consumers’ expectations about the future economic conditions in the country deteriorated markedly in October.

Furthermore, Economic uncertainty in Cyprus declined in October because of the lower uncertainty levels registered among consumers and among firms in all sectors except construction, the ERC added.

(Source: CNA)

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