Economic sentiment worsens in May, University of Cyprus says

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By Stelios Orphanides

The economic sentiment index fell in May by 2.9 points, to 116.1, in a month on worsening confidence in the sectors of services, industry, and among consumers, the University of Cyprus said.

The decline in confidence in services last month resulted from the interviewed companies’ assessments of business conditions over the past three months combined with a downward revision of expected demand, the Economic Research Centre (ERC) of the university said in a statement on Friday. Companies in the industrial sector cited their inventories of finished products for the declining confidence and a downward revision in expected output.

On the other hand, retail trade companies said their assessment of stock volumes improved and expected more sales in May compared to the month before, the ERC said. Construction companies were also upbeat on more favourable assessment of their order book.

Consumer confidence fell marginally as households expected their future financial conditions and Cyprus’s economic situation to worsen, it said.

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About Author

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

  • Bob Ellis

    The truth will out.

  • A is B

    What should any one expect, Cyprus offers nothing apart from passports to the rich and they dont even stay here when they get them.