The year-over-year growth rate of the Cyprus Composite Leading Economic Index (CCLEI) remained stable in April 2024 compared to the previous month, according to the Economics Research Centre (CypERC) of the University of Cyprus. The CCLEI, constructed and estimated by the CypERC, recorded a year-over-year decrease of 0.6% in April 2024, following the year-over-year decreases of 0.6% and 0.4% in March and February 2024, respectively, an announcement by the Research Centre, said. It adds that the prevailing international developments and uncertainties have inevitably affected the CCLEI and especially the international leading indices that compose the Index, with the year-over-year growth rate of the CCLEI remaining negative in April 2024. Specifically, it said, the year-over-year growth rates of the Economic Sentiment Indicators (ESI) in Cyprus, and especially in the euro area, worsened in April 2024. 'The negative year-over-year growth rate of the CCLEI in April is also due to the negative year-over-year gr owth rate of tourist arrivals in Cyprus in April, as well as the international price of Brent Crude oil which recorded a significant year-over-year increase in April', it said. However, it adds, the increase in the year-over-year growth rate of the rest of the domestic leading components of the CCLEI, including property sales contracts, credit card transactions, retail sales volume, and the temperature-adjusted volume of electricity production, contained the decline in the CCLEI in April, withholding the year-over-year growth rate of the CCLEI at the same levels as in March. In summary, it said, the year-over-year growth rate of the CCLEI continues to be negative also in April, with the drop remaining at the same levels as that of the previous month. Source: Cyprus News Agency
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