Composite Leading Economic Index records y-o-y increase of 1.8% in November

08:00 - 28 December 2023

Economy Reporter

The Cyprus Composite Leading Economic Index (CCLEI), constructed by the Economics Research Centre (ERC) of the University of Cyprus, recorded a year-over-year increase of 1.8% in November 2023, following the year-over-year increases of 1.9% and 2.4% recorded in October and September 2023, respectively (based on recent and revised data).

A press release issued by the ERC said that the CCLEI continues to decelerate in November 2023. The military conflicts in Israel since October have further burdened the already negative international geopolitical environment, inevitably affecting the November CCLEI, it added.

In particular, it said, the increased geopolitical tensions continue to negatively affect the Economic Sentiment Indicator (ESI) in the Euro area, with the year-over-year growth rate of the Euro area ESI remaining negative from April 2022.

In contrast, the positive year-over-year growth rate of the CCLEI in November is attributed to the growth of various domestic sectors, including real estate, tourism, retail trade, and electricity production. Furthermore, the drop in the CCLEI is restrained by the international price of oil, which fell significantly in November 2023.

"In summary, the year-over-year growth rate of the CCLEI remains positive, albeit the continued decelerating in November 2023. The continued slowdown of the CCLEI reflects the burdened geopolitical and unstable economic environment, which inevitably negatively affects the growth prospects of the Cypriot economy," the press release noted.

(Source: CNA)

Composite Leading Economic Index records y-o-y increase of 1.8% in November

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