The Cyprus Composite Leading Economic Index (CCLEI) deteriorated further in April 2026, recording a year-over-year decrease of 1.72%, according to an announcement by the Economics Research Centre of the University of Cyprus. The decline followed a marginal year-over-year decrease in March, after a year-over-year increase of 0.82% recorded in February.
According to the Economics Research Centre, the further deterioration of the Index mainly reflects adverse developments in key components, amid increased geopolitical and external economic pressures.
In particular, economic sentiment in the euro area and especially in Cyprus deteriorated in April 2026 compared with April 2025, leading to a year-over-year decrease in the weighted Economic Sentiment Indicator. At the same time, the price of Brent crude oil recorded a larger year-over-year increase in April, following the annual increase already recorded in March.
Tourist arrivals also contributed negatively, as, according to the announcement, they were affected by flight cancellations and possible fuel shortages, recording a significant year-over-year decrease in April.
By contrast, the temperature-adjusted volume of electricity production, property sales contracts, credit card transactions and the retail sales volume index contributed positively to the year-over-year growth rate of the CCLEI.
The Economics Research Centre said the year-over-year decrease in the CCLEI in April indicates a weakening of the growth dynamics of the Cypriot economy in the short term, in an environment of heightened geopolitical tensions and intensifying external economic pressures.
The CCLEI is designed to provide early warning signals of turning points in business cycles, namely turning points in Cypriot economic activity.
The Index consists of a number of leading variables of Cypriot economic activity, whose changes tend to precede changes in overall economic activity. These include the Brent crude oil price, the Economic Sentiment Indicator in Cyprus and the euro area, property sales contracts, tourist arrivals, Cypriot credit card transactions, the retail trade sales turnover volume index and the temperature-adjusted volume index of electricity production.
(Source: CNA)
