RIGA, Latvia, February 6, 2019 /PRNewswire/ --
According to the monthly review by the Economics Research Centre of the University of Cyprus, the Economic Sentiment Indicator (ESI-CypERC) grew in Cyprus in late 2018.
The aforementioned review has revealed that in December the ESI-CypERC had 118,6 points, which is 3,4 points more in comparison with 115,2 points in November and 6 points more in comparison with 112,6 points in October. Therefore for the second straight month, business trust in development of the Cyprus economy is increasing. Moreover, in December 2018 the ESI-CypERC was up 1,8 more points than in December 2017.
Rolands Petersons, a member of the Board of Norman Logistics believes that the "Increase of economic 'mood' shows the stabilization of the financial sector after the economic recession as one of the parliamentary priorities started gaining traction; business and consumers also started to look forward to the financial and economic future with more trust and confidence in tomorrow."
Economic "mood" in December improved mainly thanks to the growing business confidence of the development of service industries and manufacturing.
ESI-CypERC as a monthly review includes short-term changes in five areas of business - services, manufacturing, retail sales, construction and newest tendencies in expectations of consumers regarding the financial condition of their household and the national economy in general.
The Services Confidence Indicator in December increased as a result of firms' improved assessments of past business situations and demands, and upward revisions in demand expectations. The Industry Confidence Indicator increased as a result of improved assessments of stocks of finished products, and upward revisions in production expectations.
The Retail Trade Confidence Indicator decreased due to a deterioration in firms' assessments of past sales and current stock volumes, and downward revisions in sales expectations.
The Construction Confidence Indicator in December increased marginally due to firms' improved assessments of their current levels of order books, but the influence of this indicator on the total ESI-CypERC in December is insignificant. However, the above indicator can be assessed for the whole year by comparing 2018 and 2017 December data; trust in development of building sector has doubled.
The marginal increase in the Consumer Confidence Indicator was driven by a mall upward revision in consumers' expectations regarding their future financial situation and the future economic conditions.
"It is to be expected that increase of economic trust achieved in Cyprus will have a positive effect on the economic activities in the next quarters," member of the Board of Norman Logistics Rolands Petersons believes.
About Norman Logistics Sp.zo.o.:
Norman Logistics is among the fastest growing forwarding agents in Global Market with a substantial presence in maritime logistics and combined transport services. They provide complete "one-stop shop" international transport services for import and export requirements by sea or combined freight worldwide.
SOURCE Norman Logistics Sp.zo.o.