The Cyprus Composite Leading Economic Index (CCLEI), recorded an annual increase of 1.8 per cent in October 2024, according to the University of Cyprus’ Economics Research Centre (CypERC),
This marks a continuation of its upward trend following annual rises of 1.6 per cent in September and 1.2 per cent in August 2024.
According to the university, which released its latest update on Monday, the CCLEI maintained its positive trajectory in October, driven by contributions from all its components.
Key factors influencing the index include the rise in the Economic Sentiment Indicator (ESI) for both Cyprus and the eurozone, as well as a notable drop in Brent crude oil prices in October compared to the same month in 2023.
On the domestic front, several indicators contributed to the CCLEI’s growth. These include a rise in property sale contracts, increased tourist arrivals, and a growth in transactions via Cypriot credit cards.
In addition, a growth in retail sales volume and an increase in electricity production, adjusted for seasonal temperature variations, also contributed positively to the index.
Finally, the university highlighted that the CCLEI’s annual growth rate continued its positive trend in October, supported by gains across all leading economic indicators.
