Cyprus Economic Sentiment Falls for August

Economic sentiment dropped 6.4 points month-on-month to 60.8 in August, said the University of Cyprus in its monthly survey of businesses and consumers.

The economic mood continues to be negative in all sectors of the economy, said the report. Manufacturing was particularly hard-hit, showing a rise in the number of businesses reporting a fall in the number of orders and production for the next three months.

This month has seen a slew of negative economic indicators, including falls in tourism revenues for the months of July and August, a 51% rise in unemployment year-on-year and a recession based on estimated figures for the first two quarters of 2009.