The Cyprus Composite Leading Economic Index (CCLEI) has risen by 1.2% year-on-year in November 2024, marking the third consecutive month of growth, according to the Economics Research Centre (CypERC) at the University of Cyprus. This follows a 1.2% increase in October and a 1.0% rise in September, based on the latest data revisions.
The Economics Research Centre attributed the sustained growth to the strong performance of all components within the CCLEI. Notable drivers of this positive trend include improvements in the Economic Sentiment Indicator (ESI) for both Cyprus and the broader eurozone, along with a reduction in Brent crude oil prices compared to November 2023.
On a domestic front, the CCLEI was boosted by several key factors. These include a rise in property sales contracts, higher tourist arrivals, an increase in transactions through Cypriot credit cards, growth in retail sales volumes, and a boost in electricity production.
Source: Stockwatch Cyprus