CCLEI in upward trend for 9th month

The annual growth rate of a leading indicator used to predict the future direction of economic movements in Cyprus, continued on an upward trend for the ninth month in a row in February, as a result of an increase in all economic indicators, the University of Cyprus said in a monthly report.

The Cyprus Composite Leading Economic Index, estimated by the university’s Economics Research Centre (CypERC), recorded a year-over-year increase of 2.9% in February, following the 2.5% and 2.0% in January and December, 2024, respectively.

The index remained above the 2% annual growth rate marker for the fifth consecutive month.

The university’s researchers said the CCLEI maintained its upward trend driven by all its domestic and international economic components.

Specifically, the positive year-over-year change in property sales contracts, tourist arrivals, the total value of transactions with Cypriot credit cards, the volume of retail sales, as well as the adjusted (in terms of temperature) volume of electricity production, contributed to the strengthening of the Index.

In addition, developments in the international components of the CCLEI also contributed positively to the course of the Index in February: the Sentiment Indices recorded a year-over-year improvement in both the euro area and Cyprus, while the price of the benchmark Brent crude oil recorded a further year-over-year decline in February.