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Next The economic climate in Cyprus deteriorated in March HOME • INSIDER • CYPRUS • The economic climate in Cyprus deteriorated in March
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The economic climate deteriorated in March 2022 due to, among other things, the weakening of consumer confidence, with the Economic Situation Index (DOS) decreasing by 9.4 points, compared to February 2022.
According to the results of the Economic Situation Survey, compiled by the Center for Economic Research (JCC) of the University of Cyprus, the sharp decline in the DOS came from the sharp weakening of the business climate in services, retail and manufacturing, as well as from the significant decline in consumer confidence.
“Russia's invasion of Ukraine, sanctions on Russia and increases in international energy and raw material prices are unfavorable external developments for the Cypriot economy that have led to a weakening of the economic climate and in particular expectations for economic activity, as well as to a significant increase in uncertainty between businesses and consumers “, he underlines.
In particular, the JIT states that the deterioration of the climate in services in March 2022 “came from the less favorable assessments of the current economic situation and the large downward revision of estimates for the turnover of the next quarter”. p>
Reports that the retail climate has declined due to more negative evaluations of recent sales and more pessimistic estimates of future sales.
In manufacturing, according to the JIT, the most negative evaluations of current sales orders and the most pessimistic estimates for future production, led to the downturn in the industry.
He notes that the business climate in the construction sector remained at negative levels in February, while the climate among consumers deteriorated.
Compared to February, according to the JIT, “consumers assessed their recent economic situation more negatively, revised lower their expectations for the future financial situation of their households and the country, and were more hesitant about future spending on large markets. “