Cyprus economic index steady amid challenges
The Cyprus Composite Leading Economic Index (CCLEI) has maintained its annual growth rate for April, mirroring the figures recorded in March, despite significant challenges, according to a report from the Economics Research Centre (CypERC) of the University of Cyprus.
In its latest assessment, the CypERC noted that “prevailing international developments and uncertainties have inevitably impacted the CCLEI, particularly the international leading indicators that comprise it”.
Moreover, the centre also highlighted a continued negative growth in the CCLEI for the month.
The report further indicated a deterioration in the Economic Climate Index both within Cyprus and the broader euro area.
In addition, a sharp decline in tourist arrivals and a significant surge in international Brent Crude oil prices were marked as primary contributors to the CCLEI’s subdued performance.
Despite these pressures, the centre explained in its latest report, certain domestic factors have cushioned the economic downturn.
“The annual growth rate of other domestic leading components of the CCLEI — including real estate sales documents, credit card transactions, retail sales volume, and temperature-adjusted electricity generation — helped moderate the decline in April,” stated the centre.
This moderation has ensured that the CCLEI’s annual growth rate remained consistent with March’s figures.