Composite Leading Economic Index stable in June

14:27 - 23 July 2024

Economy

The Cyprus Composite Leading Economic Index (CCLEI), constructed and estimated by the Economics Research Centre (CypERC) of the University of Cyprus, remained stable in June 2024.

"CCLEI, constructed and estimated by the Economics Research Centre of the University of Cyprus, remained stable in June 2024, following the year-over-year decreases of 0.1% and 0.4% that recorded in May and April 2024, respectively (according to recent and revised data)," CypERC said.

It added that half of the variables positively affected the CCLEI during this period, while the rest restrained the further growth of the Index.

Specifically, the year-over-year increase in tourist arrivals in Cyprus, credit card transactions, retail sales volume, and the Economic Sentiment Indicator (ESI) in the euro area had a positive impact on the CCLEI.

Conversely, the negative year-over-year growth rate of the ESI in Cyprus, coupled with the increase in international Brent Crude oil prices and the decline in the year-over-year growth rate of property sales contracts and temperature-adjusted electricity production volume, had a negative impact on the CCLEI in June.

In conclusion, the year-over-year growth rate of the CCLEI remained stable in June 2024, as a result of the opposite trends followed by the economic indicators composing the CCLEI, it says.

Composite Leading Economic Index stable in June

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