The Economic Sentiment Indicator (ESI) in Cyprus declined by some 1.3 units in November, due to a deteriorating sentiment in the services sector.The Economic Sentiment Indicator (ESI) in Cyprus declined by some 1.3 units in November, due to a deteriorating sentiment in the services sector.
According to the University of Cyprus Economic Research Centre, the ESI declined to 106.3 units from 107.3 in October.
“The reduction is due to the deterioration of the business climate in the services sector,” the ERC notes, adding that the ESI in retail trade, construction and among consumers was less negative, whereas the economic sentiment in manufacturing remained at the same level as in October.
The ERC continued to explain that the deterioration in the services sector is a result of the less optimistic responses by the companies concerning their financial situation in the last three months, as well as their estimates concerning demand in the next quarter.
