27/09/2023 14:02
Economic sentiment in Cyprus deteriorated in September according to business and consumer survey results released by the Economics Research Centre of the University of Cyprus (CypERC), on Wednesday.
In September 2023, economic sentiment in Cyprus deteriorated, as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.6 points compared with August 2023, a summary of the business and consumer survey of the CypERC says.
The decrease in the ESI-CypERC "was driven by a further decline in consumer confidence and a deterioration in business confidence in all sectors, except construction."
The Services Confidence Indicator, it adds, decreased slightly, as firms assessed their recent business situation less favourably.
The decline in the Retail Trade Confidence Indicator "was due to the deterioration in firms’ views on recent sales and stock volumes."
At the same time, the Construction Confidence Indicator increased marginally, as firms’ employment expectations improved.
According to CypERC the Industry Confidence Indicator deteriorated for the second month in a row, mainly because of downward revisions in production expectations.
The Consumer Confidence Indicator decreased, the summary reads, "recording its lowest value over the period January – September."
In September, "consumers assessed their recent financial situation and their future financial position more negatively." Moreover, consumers’ views on the recent economic conditions in Cyprus deteriorated markedly.
The CypERC said that in September, the increase in economic uncertainty in Cyprus was driven by higher levels of uncertainty among consumers and among firms, primarily in services and construction.
The Economics Research Centre of the University of Cyprus (CypERC) and RAI Consultants Ltd participate in the Joint Harmonised European Union Programme of Business and Consumer Surveys.
CypERC acknowledges funding from the European Union, the Ministry of Finance and the University of Cyprus for conducting the project “Business and Consumer Surveys” in Cyprus.