articles | 26 February 2018

Economic sentiment drops in February 2018 as consumer confident peaks

The economic sentiment indicator dropped by 0.7 units in February 2018 to 119.1 mainly on a deterioration of business confidence in services, even as consumer confidence hit an all-time high, the University of Cyprus said.

“The deterioration in services was the outcome of less favourable evaluations of the current financial situation of companies and the downwards revision of the anticipated turnover over the coming three-month period,” the Economic Research Centre (ERC) of the Nicosia-based academic institution said on its website on Monday. “The increase in consumer confidence is related to the more optimistic evaluations of the households’ future financial situation and (the economy) of Cyprus in general, including labour market conditions as well as the less negative stance towards saving”.

The sentiment in retail trade rose marginally this month compared to the month before on more optimistic sale expectations over the next three months, the ERC continued. In construction it also rose as interviewed companies said they were less pessimistic in evaluating projects in progress and were more optimistic about employment levels over the coming three-month period.

Business confidence in the industrial sector remained unchanged in February compared to January, the ERC said.

Source: Cyprus Mail

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