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Economic sentiment in Cyprus strengthened as the Economic Sentiment Indicator (ESI-CypERC) increased in January 2018 by 3.3 points compared with December 2017.

According to a press release by the University of Cyprus, the increase was driven by a boost in services confidence and, to a lesser extent, confidence improvements in construction, industry and among consumers.

The Services Confidence Indicator increased as a result of firms’ more optimistic views on past business situation as well as past and expected demand.

The Retail Trade Confidence Indicator decreased as a result of deterioration in firms’ assessments of past sales and current stock volumes.

The Construction Confidence Indicator increased marginally due to upward revisions in employment expectations.

The rise in Industry Confidence Indicator was driven by improved assessments of overall order books and upward revisions in production expectations.

The Consumer Confidence Indicator increased as a result of consumers’ more favorable responses regarding their future financial situation and the future economic conditions in Cyprus, including the future state of the labor market.

Source: Stockwatch