Cyprus economic index remains steady in June

The annual growth rate of Cyprus’ Composite Leading Economic Index (CCLEI) remained unchanged in June, according to a report released this week by the University of Cyprus’ Economics Research Centre (CypERC).

The CCLEI, which the CypERC calculates on a recurring basis, held steady in June 2024, following year-on-year decreases of 0.1 per cent and 0.4 per cent recorded in May and April 2024, respectively, based on recent and revised data.

The statement noted that half of the variables taken into account when estimating the index had a positive impact on the CCLEI during this period, while the others restrained any further growth.

Specifically, the annual growth in tourist arrivals in Cyprus, credit card transactions, retail sales volume, and the Economic Sentiment Indicator (ESI) in the eurozone positively affected the CCLEI.

In contrast, the negative annual growth rate of the ESI in Cyprus, combined with the annual increase in international Brent Crude oil prices, the slowdown in the annual growth rate of property sales, and the decline in the annual growth rate of temperature-adjusted electricity production, had a negative impact on the CCLEI in June.

Finally, the centre summarised the report by saying “that the annual growth rate of the CCLEI remained steady in June 2024, due to the contrasting trends followed by the economic indicators that make up the CCLEI”.