The center noted:

“The increase was driven by stronger business confidence in services and retail trade,”

Another research done by the Statistical Service of Cyprus shows that there was an increase of 4.2% in the number of companies in Cyprus as well as an increase of 4.9% in the number of business premises. Moreover, in 2017, 95% of businesses had less than 10 employees. The most productive sectors are the Wholesale and Retail Trade sector, the Motor Vehicle and Motorcycle Repairs sectors, followed by the Professional, Scientific and Technical Activities sector.

The data of the research done by the Economic Research Centre University of Cyprus showed the Services Confidence Indicator rose as a result of improved assessments by firms of their past business situation and their past demand. Similarly, the the Retail Trade Confidence Indicator increased as respondents’ views on current stock volumes and future sales improved.