Cyprus economic sentiment improves by 1.9 units in June

The Economic Sentiment Indicator (ESI) in Cyprus registered an improvement for the second consecutive month in June, after a record low in April, due to the developments in the financial sector, the University of Cyprus` Economic Research Centre (ERC) said.

The Economic Sentiment Indicator rose in June by 1.9 units compared with May, which is attributed mainly to the climate improvement in the services sector and retail trade. However, according to the ERC, the evaluations by businesses and consumers on the various sectors of the economy remain particularly bleak and therefore the Indicator continues to remain in low levels, which constitutes a sign for the further deterioration of the economy.

The ERC notes that during the last months, the Cypriot ESI has been recording the lowest levels among all EU member states, reflecting the lack of confidence in the Cypriot economy.

Source: Financial Mirror