The improved sentiment in services in October resulted mainly from an upwards revision of expected demand over the next three-year period, the Economic Research Centre of UCy said in an emailed statement on Wednesday.

Less pessimism in responses of interviewed companies about their sales and their stocks over the past three months and more favourable assessments of demand over the next three months were responsible for the improvement in business confidence in retail trade this month, the centre said.

The business sentiment in industry remained unchanged as an improved evaluation of stocks was offset by empty order books and production expectations remained this month as they were in September, the ERC said.

In construction, the business sentiment deteriorated slightly this month, mainly on more negative answers of interviewed builders about projects in progress, the ERC said.

Finally, consumer confidence rose this month as interviewed households were more upbeat about their future financial situation and labour market conditions, the centre said.

Source: Cyprus Mail