The Cyprus Composite Leading Economic Index (CCLEI), compiled by the Economics Research Centre of the University of Cyprus (CypERC), recorded a year-on-year increase of 2.3 per cent in December 2024.
This marks a steady upward trajectory, following growth rates of 2.2 per cent in November and 2 per cent in October 2024, according to revised data.
“The upward trend of the CCLEI continued in December 2024,” CypERC said in a statement released this week.
Moreover, the centre explained that the index has been bolstered by several key economic indicators.
These include a rise in the Economic Sentiment Indicator (ESI) in Cyprus, increased tourist arrivals, higher volumes of credit card transactions by Cypriots, expanded retail sales, and a temperature-adjusted boost in electricity production.
However, the overall growth of the CCLEI was tempered by challenges such as a declining ESI in the euro area, higher Brent crude oil prices compared to the previous year, and a year-on-year drop in property sales contracts.
“The year-over-year rate of expansion of the CCLEI continued to increase in December 2024, driven by the majority of its individual economic components,” the report pointed out.
The CCLEI, which serves as an early indicator of economic turning points, underscores the interplay of both domestic and international factors in Cyprus’ economic performance.
“The worsening of the euro area ESI, the increase in Brent crude oil prices in December 2024 compared to December 2023, and the year-over-year decline in property sales contracts restrained the further rise in the CCLEI in December 2024,” the CypERC said.
