Composite Leading Economic Index records positive and expanding rise in October

07:38 - 26 November 2024

Economy Reporter

The Cyprus Composite Leading Economic Index (CCLEI), recorded a year-over-year increase of 1.8% in October 2024, following the year-over-year increases of 1.6% and 1.2% recorded in September and August 2024, respectively.

According to a press release by the Economics Research Centre of the University of Cyprus, the year-over-year growth rate of the CCLEI maintained its positive trajectory in October 2024, with all its components contributing positively to its growth.

In particular, the year-over-year increase of its components such as the Economic Sentiment Indicator (ESI) in Cyprus and the euro area, as well as the drop in Brent crude oil prices in October 2024 compared to the corresponding month of 2023, strengthened the upward trend of the CCLEI.

At the same time, at the domestic level, factors such as the increase in property sales contracts, the rise in tourist arrivals, the strengthening Cypriot credit cards transactions, the expansion of the volume of retail sales, as well as the temperature-adjusted volume of electricity production, further contributed to the growth of the Index.

In summary, the year-over-year CCLEI growth rate remained on an upward trajectory in October 2024 driven by the growth of all its individual leading economic indicators.

(Source: CNA)

Composite Leading Economic Index records positive and expanding rise in October

News Feed

Read More