November CCLEI continues on healthy path

The annual growth rate of a leading indicator used to predict the future direction of economic movements in Cyprus, continued to improve for the sixth consecutive month in November, as a result of an increase in 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 1.2% in November, following the y-o-y increases of 1.2% and 1.0% in October and September, respectively.

This is the first time that the index has enjoyed an annual growth rate of more than 1% three months in a row, following the 0.8% increase in August, 0.5% and 0.4% in July and June, respectively.

The university’s monthly CypERC report noted that the year-on-year improvement in the Economic Sentiment Indicator (ESI) in both Cyprus and the euro area, combined with the decrease in Brent crude oil prices compared to November 2023, further strengthened the positive development of the CCLEI.

At the domestic level, factors such as the increase in property sales contracts, the increase in tourist arrivals, the rise in transactions with Cypriot credit cards, the expansion of retail sales volume, as well as electricity production (adjusted for temperature), also contributed significantly to the strengthening of the index in November.