The magnitude of the effects of the pandemic, and of the restrictive measures imposed to deal with it, are reflected, with unmistakable clarity, in the findings of the Limassol Chamber of Commerce & Industry Business Barometer for Autumn 2020. This is the first edition of the Barometer this year, as the planned edition for Spring was canceled due to the then pandemic-related lockdown, as a result of which many companies had suspended, either fully or partially, their operations.
Key findings of the current edition of the Barometer include the following:
- 21% of participants cite the decrease of their sales as a top concern for the next period. A year earlier such was the concern of only 8%.
- In the employment sector, less than 35% intend to hire staff in the coming months. In the Fall of 2019 the corresponding percentage was over 52%.
- In terms of investments, despite the woes of 2020, a significant percentage, of the order of 59%, say they are satisfied with their investments of the last 12 months (66% stated the same a year earlier). When it comes to new investments, less than half of the participants in this year's Barometer will proceed with such, compared to more than 61% in the corresponding period last year. The main reason given by those who do not intend to make new investments is the uncertainty of the country's economic prospects.
- 53% predict a decrease in their sales in Cyprus in the near future. Only 8% made the same estimate a year earlier.
- Also, in terms of business confidence in the prospects of the Cyprus economy, a large majority of 73% speak of reduced confidence, compared to less than 30% who had the same view a year earlier.
The full results and analysis of findings of the Chamber Business Barometer, accompanied by charts, in addition to the with the findings of a special inset with views of companies on the direct effects of COVID-19 in various aspects of business, as well as sectoral analysis, will be accessible to all interested parties as of next Monday, December 14 through the website of our Chamber (www.limassolchamber.eu).
