The annual growth rate of the Cyprus Composite Leading Economic Index (CCLEI) is marginally positive in May 2024, halting the negative growth observed in the Index in the previous months.
The Cyprus Composite Leading Economic Index (CCLEI), constructed and estimated by the University of Cyprus’ Economic Research Centre (CyERC), recorded an annual increase of 0.1% in May 2024.
This follows annual decreases of 0.2% and 0.4% in April and March 2024, respectively, according to recent and revised data.
The positive annual growth rate in May 2024 is mainly attributed to the growth of a series of domestic variables.
Specifically, tourist arrivals in Cyprus, credit card transactions, retail sales volume, and electricity production volume – adjusted for temperature – contributed to the growth of CCLEI this May.
The stabilisation of the Cyprus Economic Climate Index (ECI) in May 2024, remaining at the same level as in May of the previous year, had a neutral impact on CCLEI’s change.
In contrast, the negative growth of the European ECI, combined with the annual growth in the international price of Brent Crude oil and the decline in the annual growth rate of property sales, restrained CCLEI’s further rise in May.
In conclusion, the annual growth rate of CCLEI in May 2024 is marginally positive, halting the negative growth observed in recent months.
For further information on the methodology used to estimate CCLEI, please visit the following link: CCLEI.
