Cyprus economic growth increases in December 2024, driven by key factors
January 28, 2025

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.