The recovery of Limassol businesses after the very serious blow caused by the pandemic, especially in 2020, continues, but there is still a long way to go before one can say that the crisis is over. This is the main conclusion that emerges from the findings of the 10th edition (Autumn 2021) of the Limassol Chamber Business Barometer. The improving trend is clear in areas such as employment, where 60,5% of respondents state their intention to hire staff in the near future, compared to 51,9% six months earlier and just 34,7% in Autumn 2020.
In terms of sales estimates, the percentage of those who forecast an increase remained virtually unchanged between Autumn and Spring 2021 (31,4% and 31,3% respectively), while in Autumn 2020 only one in five made a similar forecast. On the other hand, the estimate for reduced sales fell from 52,6% in Autumn 2020, to 24,4% and 19,3% in the Spring and Autumn of 2021 respectively.
Particularly indicative of the improvement, but also of the long road that remains to be travelled, is the magnitude of confidence in the prospects of the Cyprus economy. Even in the current edition (Autumn 2021), only 15,2% speak of increased confidence (6,8% in Spring and only 1% in Autumn 2020). By analogy, the percentage of those with low confidence, which had risen to a frightening 72,6% in Autumn 2020, was reduced to 48,5% in Spring 2021 and 28% in Autumn 2021.
Regarding the problems and concerns of the Limassol business society, what stands out are the rising prices of raw materials and basic goods, as well as the very serious shortages of human resources in almost all areas of business activity. The full, detailed results of the Chamber Business Barometer with extensive comparisons, sectoral reports and charts will be posted within the current week on the website of the Chamber, in a way that is accessible to all interested parties.
