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Financial Mirror (Cyprus) - - FRONT PAGE -

The eco­nomic cli­mate im­proved in Fe­bru­ary with the Eco­nomic Sen­ti­ment In­di­ca­tor in­creas­ing by 0.9 points com­pared with Jan­uary, ac­cord­ing to the lat­est busi­ness and con­sumer sur­vey con­ducted by the Eco­nomics Re­search Cen­tre of the Uni­ver­sity of Cyprus. The in­crease, the sur­vey said, is due to the im­prove­ment of the busi­ness cli­mate in ser­vices and man­u­fac­tur­ing.

The sur­vey said that the up­turn in ser­vices is at­trib­uted to more op­ti­mistic es­ti­mates for de­mand in the next quar­ter and, to a lesser ex­tent, to more pos­i­tive eval­u­a­tions among com­pa­nies for their fi­nan­cial sit­u­a­tion dur­ing the last three months. In man­u­fac­tur­ing, an im­prove­ment in the cli­mate was caused by less neg­a­tive as­sess­ments on cur­rent or­ders.

In con­trast, the eco­nomic cli­mate in the con­struc­tion sec­tor de­clined due to pes­simistic es­ti­mates on em­ploy­ment prospects, while the busi­ness cli­mate in re­tail trade re­mained at the same neg­a­tive level as the pre­vi­ous month.

The con­sumer con­fi­dence in­di­ca­tor also de­clined as a re­sult of sig­nif­i­cant de­te­ri­o­ra­tion of the fore­cast in the gen­eral eco­nomic sit­u­a­tion in Cyprus in the next 12 months and to a lesser ex­tent, be­cause of their weak­ened sav­ing in­ten­tions.

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