The improved economic sentiment in July was on more optimistic responses from interviewed companies in services, retail trade, and construction, the Economic Research Department of the University of Cyprus said in a statement on its website on Wednesday. Business confidence in industry and consumer confidence deteriorated marginally.
Interviewed services companies justified their optimism with more positive evaluation of their financial situation and demand over the past three months, the ERC said. In retail, companies were upbeat over their sales and inventories and over an upward revision of their demand expectations over the next three years. Construction companies were less pessimistic about projects in progress and expected hiring.
More pessimistic responses concerning the current order book and inventories of interviewed companies in industry meant a marginal deterioration of confidence, the academic institution continued. Finally, more concerns about the future financial situation of households and the labour market situation led to a marginally weaker consumer confidence.
Source: Cyprus Mail