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articles | 30 August 2016

Cyprus’ economic sentiment up in August 2016

Economic sentiment in Cyprus improved as the Economic Sentiment Indicator increased by 5.1 points compared to July 2016, as a result of the pickup of business confidence in services, retail trade and industry.

The Services Confidence Indicator rose due to firms’ more positive assessments of past business situation and demand as well as because of more optimistic views regarding firms’ turnover over the next three months.

The Retail Trade Confidence Indicator increased as a result of more positive responses regarding firms’ past sales and more optimistic sales expectations over the next three months.

The increase in the Industry Confidence Indicator is driven by the upward revision of firms’ assessments of production plans over the next three months, as well as by the improvement of firms’ views of the level of their current order books and stock of finished products.

The Construction Confidence Indicator deteriorated due to more pessimistic assessments of the level of current order books and downward revisions in firms’ employment expectations.

The Consumer Confidence Indicator increased marginally as the improvement of consumers’ assessments of future economic conditions (households, country, labour market) was offset by the deterioration of savings expectations.

Source: InCyprus

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