News
The performance of Germany's export-oriented economy is highly important for Cyprus
Sentiment in the German economy, the euro area's largest, improved considerably in September and jumped by 3.2 points to 109.5 points, which is
the highest value since May 2014, on more optimism among companies, the German
Ifo Institute said.
The
German economy is expecting a golden autumn, the institute said on Monday in
an emailed statement, adding that companies are more satisfied with their
current situation.
In industry alone, the business climate rose by 10.8 points in
September reflecting "a far more positive outlook for the months ahead, Ifo
said, adding that the increase was witnessed in all industrial branches.
The index also rose in the wholesale and retail sectors, after declining
in recent months, mainly on better expectations and assessment of the current situation
respectively.
In construction, sentiment continued to soar, hitting a new
record high, reflecting an all-time high in assessment of the companies current situation and expectations that it will further improve in the months
ahead.
The performance of Germany's export-oriented economy is highly important for
Cyprus shipping management sector which accounts for 5 per cent of its
economy.
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