The economic climate deteriorated in March 2022 due, inter alia, to the weakening of consumer confidence, with the Economic Sentiment Index (ESI) falling by 9.4 points, compared to February 2022.
According to the results of the Economic Sentiment Survey, compiled by the Economic Research Centre (ERC) of the University of Cyprus, the large drop in the IOS came from the sharp weakening of business sentiment in services, retail trade and manufacturing, as well as from the significant decline in consumer confidence.
"Russia's invasion of Ukraine, sanctions on Russia and increases in international energy and commodity prices are adverse external developments for the Cypriot economy that have led to a weakening
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