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CCLEI continues its downward trend in February 2024, says CypERC

The Cyprus Composite Leading Economic Index (CCLEI) continued its downward trend in February 2024, according to the Economics Research Centre (CypERC) of the University of Cyprus.

It was noted that the international economic and geopolitical uncertainties inevitably affect the growth of the CCLEI, and therefore the growth prospects of the Cypriot economy.

The CCLEI recorded a year-over-year increase of 0.1% in February 2024, following the year-over-year increases of 0.7% and 1.6% in January 2024 and December 2023, respectively (based on the latest and revised data).

According to the CypERC, the prevailing developments and uncertainties are inevitably restraining the CCLEI growth. Several major European economies appear to be at risk of entering recessionary phases, while persistent military conflicts in the Middle East continue alongside the ongoing Russia-Ukraine war, with no signs of resolution.

As a result, the negative year-over-year growth rate of the Economic Sentiment Indicator (ESI) in the euro area continues in February 2024. In addition, the year-over-year growth rate of the ESI in Cyprus is also negative for the first time since February 2023.

Nevertheless, the year-over-year CCLEI growth rate in February 2024 remains positive, albeit marginally, due to the slight decline in the year-over-year growth rate of the international Brent Crude oil price and the growth of various domestic components of the CCLEI in February 2024, compared to February 2023, including of property sales contracts, tourist arrivals in Cyprus, credit card transactions, electricity production, as well as the slight increase in retail sales volume.

(Source: CNA)

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