Economic sentiment improved in January 2024

08:23 - 01 February 2024

Economy Reporter

Economic sentiment in Cyprus improved, according to the Economics Research Centre of the University of Cyprus, which notes that improvement is mainly driven by confidence gains in services.

In a press release, the ERC notes that the Economic Sentiment Indicator (ESI-CypERC) increased by 2.3 points compared with December 2023.

The Retail Trade Confidence Indicator rose marginally as a result of upward revisions in sales expectations, despite a deterioration in firms’ assessment of stock levels. On the other hand, the Construction Confidence Indicator decreased as firms assessed the current levels of order books more negatively and revised their employment expectations downwards.

The Industry Confidence Indicator declined marginally because of a deterioration in firms’ assessments of the stocks of finished products.

The Consumer Confidence Indicator remained stable at the level registered in December. On the one hand, consumers’ intentions to make major purchases strengthened in January. Consumers’ views on their recent financial situation and consumers’ expectations about the economic conditions in Cyprus deteriorated in January.

ERC also notes that economic uncertainty in Cyprus decreased owing to the lower uncertainty levels observed in services and industry. Uncertainty in construction and retail trade, and among consumers increased in January.

(Source: CNA)

Economic sentiment improved in January 2024

News Feed

Read More