Cyprus’economic sentiment edges down in February

The economic sentiment in Cyprus declined slightly in February compared to January, according to a report released on Wednesday.

The rolling report, which is an EU-funded project of the Research Center of the University of Cyprus, said the monthly Economic Sentiment Indicator decreased by 0.7 points to 111 points in February because of a decline in the business sentiment in the service sector.

The service sector is the steam engine of the Cypriot economy, accounting for the lion’s share of the country’s gross domestic product, which stood at 22 billion euros (about 24 billion U.S. dollars) in 2019.

Despite pessimism in the service sector, an improvement in the retail commerce and construction sectors helped keep the index at a high level, said the report.
Source: Xinhua