Cyprus economic growth increases in December 2024, driven by key factors
The Cyprus Composite Leading Economic Index (CCLEI), compiled by the University of Cyprus’ Economics Research Centre (CypERC), saw a 2.3% year-on-year increase in December 2024. This follows a steady rise in previous months, with 2.2% growth in November and 2% in October.
The index's growth was supported by positive economic indicators, such as improved Economic Sentiment in Cyprus, higher tourist arrivals, increased credit card transactions, stronger retail sales, and a boost in electricity production.
However, challenges like a declining Economic Sentiment Indicator (ESI) in the euro area, higher Brent crude oil prices, and a drop in property sales contracts slowed the index's growth. Despite these factors, the CCLEI's continued upward trend reflects a mix of domestic and international influences on Cyprus’ economy.