The Cyprus Composite Leading Economic Index (CCLEI) in October recorded significant gains for third consecutive month pointing to the continued economic recovery, with the short-term economic prospects hinging on the evolution of the Covid pandemic.
The CLLEI, complied by the University of Cyprus’ Economic Research Centre with the collaboration of Hellenic Bank, recorded a year-over-year increase of 12.7% in October 2021, reaching a level of 112.0, following annual gains of 12.0% in September and 11.9% in August.
According to the ERC, the CLLEI is driven upwards, by the Economic Sentiment Indicators (ESI) in Cyprus and the euro area in October 2021 compared to October 2020, due to the strengthening of confidence in all business sectors except the construction sector in Cyprus.
In addition, preliminary data show that domestic economic activity was pushed upwards by increased tourist arrivals and sales volumes, the ERC added, while electricity production also had a positive annual effect in October.
“In conclusion, the continuing positive year-over-year growth rate of the CCLEI in October 2021, prescribes the continuing recovery of the Cypriot economic activity, with the short-term growth prospects, however, depending on the evolution of the COVID-19 pandemic,” the ERC said
.
Source: Cyprus News Agency