The Cyprus Composite Leading Economic Index (CCLEI) rose by an annual 1.1% in September continuing annual gains following August’s 0.8% and July’s 0.4% increase.

The CCLEI, constructed and estimated by the Economics Research Centre (ERC) of the University of Cyprus is considered as a leading indicator for economic activity.

“The CCLEI continued its upward trend in September 2024, due to the expansion of most of its underlying leading economic indicators,” the ERC said in a press release.

More specifically, the index’s growth rate was driven by positive data in tourist arrivals in Cyprus, Cypriot credit card transactions, retail sales volume, the Economic Sentiment Indicator (ESI) in Cyprus and the euro area, as well as the fall in the prices of Brent crude oil in September 2024 compared to September 2023, supported the growth of the Index.

However, the index was held back by annual losses registered in the growth rates of property sales contracts and temperature-adjusted volume of electricity production, the ERC added.