Economic sentiment rises in November, University of Cyprus says

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By Stelios Orphanides

Cypriots are euphoric about the economy like never before as the economic sentiment index rose this month by 2.8 points to 119.5, an all-time high, on more optimism among companies in the services sector, the University of Cyprus said.

The improved sentiment in the services sector this month was on better evaluations of the financial situation of interviewed companies and improved demand over the past three months combined with an upward revision of turnover expectations over the next three-month period, the Economic Research Centre of (ERC) the University of Cyprus said in a statement on its website.

Business confidence in the construction sector also improved in November as responses to questions about major projects were less pessimistic, the ERC said. Less unfavourable responses by industry firms resulted from a less unfavourable evaluation of the current order book and more optimism about output levels over the three months to come.

Retail trade companies were overall slightly less optimistic mainly on more unfavourable evaluations of current inventories and a downward revision of evaluation of sales over the next three months, the academic centre said.

Lastly, the economic sentiment among consumers strengthened in November as interviewed households said that they expect Cyprus’s financial situation and labour market conditions to improve over the next three months, the ERC said.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]