Economic sentiment hits 12–month low in July 2019

The University of Cyprus Economic Research Centre said recently that economic sentiment in Cyprus deteriorated in July as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.7 points compared with June 2019.

According to the Economic Research Centre, the Indicator fell for the third consecutive month hitting its lowest level in twelve months.

The decrease, it said, resulted from weaker business confidence in services, retail trade, construction and industry.

The decline in the Services Confidence Indicator was driven by firms’ less favourable views on their past performance (business situation and demand) and downward revisions in demand expectations.

The decrease in the Retail Trade Confidence Indicator resulted from more negative assessments of past sales and downward revisions in sales expectations. Source: CNA