Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the Economics Research Centre (CypERC) at the University of Cyprus, recorded an annual increase of 1.2 per cent in November 2024.
This marks the third consecutive month of growth, following similar rises of 1.2 per cent in October and 1.0 per cent in September, according to recently revised data.
The economics research centre explained that the positive trend reflects improvements across all economic parameters comprising the index.
It further noted that the rise in the Economic Sentiment Indicator (ESI) in both Cyprus and the Eurozone, along with a year-on-year decline in Brent crude oil prices, played a pivotal role.
The report also showed that on a domestica level, several factors contributed to the CCLEI’s growth.
These include an increase in real estate sales, higher tourist arrivals, a rise in transactions using Cypriot credit cards, a swell in retail trade volume, and increased electricity production, adjusted for seasonal temperature variations.
The CCLEI is widely regarded as a predictive tool for Cyprus’ economic activity, offering insights into future trends.
