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August CCLEI maintains positive growth path

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The annual growth rate of a leading indicator used to predict the future direction of economic movements in Cyprus, continued to improve in August, as a result of an increase in almost all the economic indicators composing the CCLEI, the University of Cyprus said in a monthly report.

The Cyprus Composite Leading Economic Index (CCLEI), estimated by the university’s Economics Research Centre (CypERC), recorded a year-over-year increase of 0.8% in August, following the y-o-y increases of 0.5% and 0.4% in July and June, respectively, based on recent and revised data.

Nearly all components of the Index, with the exception of the Economic Sentiment Indicator (ESI) in Cyprus, contributed to this upward trend.

The benchmark index has seen a positive, albeit small, year-on-year growth from the start of the year.

Domestically, year-over-year increases in property sales contracts, temperature-adjusted volume of electricity production, tourist arrivals, credit card transactions, as well as retail sales volume, significantly boosted the CCLEI.

On the international front, the rise in the Confidence Index in the euro area, along with a decrease in Brent crude oil prices in August compared to August last year, further supported the index’s growth.

Economic Research Centre (ERC) – Department of Economics, University of Cyprus (UCY)