The Cyprus Economic Sentiment Indicator (ESI-CypERC) recorded a steep drop in March affected by weaker confidence in light of the war in Ukraine.
The (ESI-CypERC) compiled by the University of Cyprus’ Economic Research Centre (ERC) dropped by 9.4 points to 102.1 in March from 115.1 the previous month.
“In March, the sharp deterioration of economic sentiment and the rise in uncertainty among firms and consumers were driven by external developments, namely Russia’s invasion of Ukraine, the sanctions imposed on Russia and the rising international commodity prices,” the ERC said, adding that these negative developments in March “resulted in large downward revisions in expectations about future activity and upward revisions in price expectations.”
According to the ERC the decrease in the ESI-CypERC resulted from weaker business confidence in serv
Source: Cyprus News Agency