In November 2016, the economic sentiment in Cyprus edged up as the Economic Sentiment Indicator (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 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.