The Cyprus Composite Leading Economic Index (CCLEI), developed by the Economics Research Centre (CypERC) of the University of Cyprus, showed a year-over-year increase of 1.2% in November 2024.
This marks the third consecutive month of growth, following similar increases of 1.2% in October and 1.0% in September, based on the latest revised data.
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The sustained growth of the CCLEI reflects the positive performance of its underlying components. Key drivers include improvements in the Economic Sentiment Indicator (ESI) for both Cyprus and the eurozone, alongside a decrease in Brent crude oil prices compared to November 2023. Domestically, the CCLEI benefited from rising property sales contracts, increased tourist arrivals, growth in credit card transactions, expansion in retail sales volumes, and higher electricity production.
The CCLEI serves as a predictive tool for economic activity in Cyprus, combining various indicators to provide insights into future trends. The recent growth highlights optimism in key sectors like tourism, real estate, and retail, as well as a recovery in consumer confidence. Policymakers and investors can view this upward trend as a sign of sustained economic resilience heading into 2025.