Prospects for Limassol entrepreneurship remain generally positive, according to the preliminary findings from the latest Limassol Chamber of Commerce and Industry Business Barometer, participation of which was completed in late November. However, the degree of optimism is significantly less than in previous editions of the Barometer
From a first reading of the findings, certain observations can be made as follows:
· A small majority, in the tune of 52% (59% six months earlier) are to proceed with the recruitment of new staff.
· 61% will proceed with new investments (as against 63% six months earlier).
· A clear majority (60%) say their confidence in the prospects of the Cyprus economy remains essentially unchanged. However, amongst the remaining 40% those with reduced confidence are three times as many as those who speak of increased confidence.
When it comes to major problems impeding entrepreneurship, these are listed as (1) cooperation with government departments (2) shortages of skilled labour (3) competition (4) high labour costs. As for risks, top on the list are rising costs and competition (local and international), whereas when it comes to assessing factors that could impact negatively on business, the possibility of further banking crisis continues to feature prominently, with second and third place held by rising commodity and prices and the political and economic situation in the Middle East.
