Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024.
This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data.
The Economics Research Centre stated that the annual growth rate of the CCLEI remained positive and continued to expand in September 2024.
In addition, nearly all components of the index contributed to this upward trend.
The report, released on Friday, indicates that the annual growth rates of the CCLEI’s components—such as tourist arrivals in Cyprus, transactions made with Cypriot credit cards, retail sales volume, and the Economic Sentiment Indicator (ESI) for both Cyprus and the Eurozone—have all contributed to the index’s growth.
Moreover, a decline in Brent crude oil prices in September 2024 compared to September 2023 bolstered the index.
However, the centre highlighted that decreases in the annual growth rates of property sales documents and temperature-adjusted electricity production volume limited further increases in the CCLEI during September.
