Nicosia: The Cyprus Composite Leading Economic Index (CCLEI) showed a year-over-year increase of 1.8% in October 2024. This follows previous increases of 1.6% in September and 1.2% in August of the same year.
According to Cyprus News Agency, the CCLEI’s growth in October 2024 was supported by positive contributions from all its components.
Contributing factors included an increase in the Economic Sentiment Indicator in both Cyprus and the euro area. Additionally, a decrease in Brent crude oil prices in October 2024 compared to October 2023 bolstered the index’s upward trend.
Domestically, the CCLEI’s growth was further supported by a rise in property sales contracts, increased tourist arrivals, strengthened credit card transactions, expanded retail sales volume, and an increase in temperature-adjusted electricity production.
In conclusion, the CCLEI’s year-over-year growth rate continued its positive trajectory in October 2024, driven by the collective growth of its leading economic indicators.