Cyprus’ economic climate has improved this month according to the Economic Research Center of the University of Cyprus’ Economic Sentiment Indicator (ESI-CypERC) with a rise of 0.4 points from September as reported in Kathimerini.

According to a press statement by the ERC, the marginal increase in the ESI was driven by confidence gains in services and retail trade.

The Services Confidence Indicator rose for the second month in a row, mainly as a result of more optimistic views on turnover over the next three months.

The increase in the Retail Trade Confidence Indicator was due to improved assessments of past sales and stock levels, and upward revisions in sales expectations.

The drop in the Construction Confidence Indicator was driven by the deterioration in company assessments of the current levels of order books. The Industry Confidence Indicator decreased as a result of downward revisions in production expectations.

The decline in the Consumer Confidence Indicator was due to a deterioration in most of its components. In October, consumers assessed their recent financial situation less favourably and revised their expectations regarding the future economic conditions in Cyprus downward.