NICOSIA, Jan. 31-- Optimism in the services sector, the steam engine of the Cypriot economy, has pushed the Economic Sentiment Indicator up by 3.3 points in January compared with December 2019, the Economic Research Center (ERC) of the University of Cyprus said in a statement on Friday. The ERC said that the increase "resulted primarily from stronger business confidence in services and to a smaller extent from confidence improvements in industry, retail trade and among consumers." Services, which include company formation, tax planning, trusts, foreign exchange trading, fund administration, maritime and shipping management and tourism, account for over 86 percent of Cyprus's economy, according to the latest data. The ERC statement said that the Services Confidence Indicator was driven by firms' more favorable view of their past performance (business situation and demand) and upward revisions in demand expectations. It added that similar favorable views were also recorded in the retail trade and construction sectors as a result of upward revisions in sales expectations, which offset less favorable past performance. It also said that the Industry Confidence Indicator increased as a result of firms' more positive assessments of the current levels of their order books and stocks of finished products, which more than compensated for downward revisions in production expectations. The ERC added that consumers' confidence has increased marginally as a result of their stronger intention to make major purchases in the next 12 months. Xinhua
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