Cyprus’ Composite Leading Economic Index (CCLEI) experienced a mild acceleration in August, recording a year-on-year increase of 0.8 per cent.
This follows year-on-year increases of 0.5 per cent and 0.4 per cent in July and June 2024, respectively.
According to a statement from the University of Cyprus’ Economics Research Centre (CypERC), which compiles the index, nearly all components of the index contributed to this upward trend.
The only exception, the centre noted, was Cyprus’ economic climate index.
On a domestic level, the year-on-year increases in property sales documents, seasonally adjusted electricity production volumes, and tourist arrivals in Cyprus significantly bolstered the CCLEI.
In addition, the centre noted that credit card transactions and retail sales volume also contributed to the index’s growth.
Internationally, the rise in the confidence index within the Eurozone, coupled with the decrease in Brent crude oil prices in August 2024 compared to August 2023, further supported the index’s growth.
Finally, the centre noted that the CCLEI is designed to provide timely warning signals for turning points in economic cycles, specifically identifying shifts in economic activity.
