The Cyprus Composite Leading Economic Index (CCLEI), developed by the Economics Research Centre (CypERC) of the University of Cyprus, showed a year-over-year increase of 1.2% in November 2024.

This marks the third consecutive month of growth, following similar increases of 1.2% in October and 1.0% in September, based on the latest revised data.

The sustained growth of the CCLEI, the Economics Research Centre said, reflects the positive performance of all its underlying components. Key drivers include improvements in the Economic Sentiment Indicator (ESI) for both Cyprus and the eurozone, alongside a decrease in Brent crude oil prices compared to November 2023.

Domestically, the CCLEI benefited from several contributing factors such as the rise in property sales contracts, the increased tourist arrivals, the growth in transactions via Cypriot credit cards, the expansion in retail sales volumes and the higher electricity production.