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articles | 24 March 2015

Economic sentiment drops 0.2 units in March 2015

Economic sentiment in Cyprus fell 0.2 units to 103.7 in March 2015 compared to the previous month, mainly on worsening confidence in the retail trade and among consumers, the University of Cyprus said recently.

Retail companies anticipate less turnover in the next three months, even as they plan to reduce their prices and hire more staff, the economicresearch centre of the University of Cyprus said in an emailed statement today. The number of firms in the retail sector, which actually saw their sales decrease during the past three months, dropped in March compared to February. Their assessment over the level of inventories was unchanged this month compared to a month ago.

Consumer confidence fell in March as households have a more pessimistic assessment of their own financial situation as well as Cyprus’s economic performance in the coming 12 months, the ERC said.

Economic sentiment in the services sector remained unchanged as improved expectations for the next three months was just enough to compensate the worsening evaluation of the financial situation of the companies, the centre said. Service companies said they expect to reduce employment levels in the next three months after maintaining them unchanged in the past quarter.

Economic sentiment in construction improved in March compared to February, mainly on improved evaluation of the current order book and better expectations regarding employment levels, the centre said. Still, the number of companies expecting prices to fall in the next three months rose.

Source: Cyprus Mail

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