![](\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/02\/cyprus-economic-climate-improves-in-january.jpg\")
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The economic climate in Cyprus showed signs of improvement in January 2024, according to a report released this week by the University of Cyprus\u2019 Economic Research Centre (CypERC).<\/p>\n
The Economic Sentiment Indicator (ESI) increased by 2.3 units compared to December 2023, primarily attributed to a strengthening business environment in the services sector.<\/p>\n
The report highlighted positive assessments of the business cycle for the current and upcoming quarters, despite a further deterioration in responses regarding the recent economic situation of businesses.<\/p>\n
The construction sector, however, experienced a decline in climate due to more pessimistic evaluations of ongoing projects and workforce expectations for the next quarter.<\/p>\n
In contrast, the business climate in retail trade and manufacturing remained relatively stable compared to December.<\/p>\n
Regarding consumer sentiment, the CypERC noted that it remained steady in January, remaining at the level observed in December 2023.<\/p>\n
While consumers expressed stronger intentions for significant purchases, assessments of households\u2019 recent economic situations and expectations for the country\u2019s future economic conditions were more negative than in December.<\/p>\n
The report also noted that the Economic Uncertainty Index decreased in January, although it remained relatively elevated.<\/p>\n
Moreover, manufacturing experienced a reduction in uncertainty, while the services sector maintained a relatively high level despite a decrease in January.<\/p>\n
Finally, the report said that increased uncertainty was observed among businesses in retail trade and construction, as well as among consumers.<\/p>\n
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The economic climate in Cyprus improved in January 2024, as indicated by the Economic Sentiment Indicator (ESI), which increased by 2.3 units from December 2023. This improvement was primarily due to a stronger business environment in the services sector. The construction sector saw a decline in climate, with more pessimistic views on ongoing projects and workforce expectations for the next quarter. The retail trade and manufacturing sectors’ business climate remained stable compared to December. Consumer sentiment was steady in January, with no change from December 2023, although consumers had stronger intentions for significant purchases. However, there were more negative assessments of households’ recent economic situations and expectations for the country’s future economic conditions compared to December. The Economic Uncertainty Index decreased in January but was still relatively high. Uncertainty in manufacturing decreased, while it remained high in the services sector despite a decrease. Increased uncertainty was noted among businesses in retail trade and construction, as well as among consumers.<\/p>\n","protected":false},"author":3,"featured_media":2780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[186,357,3,356,376,203,250],"class_list":["post-2779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-business","tag-businesstop","tag-cyprus","tag-cyprus-business-news","tag-economic-sentiment","tag-environment","tag-google"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n