The Cyprus Composite Leading Economic Index (CCLEI), constructed by the University of Cyprus' Economics Research Centre, recorded an annual increase of 1.8% in November 2023. This follows the annual increases of 1.9% and 2.4% recorded in October and September of 2023, respectively, according to recent and revised data.

According to an announcement from the Economics Research Centre, the CCLEI continued to decelerate in November 2023. The report indicates that the ongoing military conflicts in Israel since October have further burdened the already negative international geopolitical climate, inevitably affecting the CCLEI in November.

In particular, the increased geopolitical tensions continue to negatively impact the Economic Sentiment Indicator (ESI) in the Eurozone. The annual growth rate of the ESI in the Eurozone has remained negative since April 2022.

In contrast, the positive annual growth rate of the CCLEI in November is attributed to the expansion of various domestic sectors. These include real estate, tourism, retail trade, and electricity production. Additionally, the decline in the CCLEI is mitigated by the international price of oil, which significantly decreased in November 2023.

"In summary, the annual growth rate of the CCLEI remains positive, despite its continued deceleration in November 2023. The ongoing slowdown of the CCLEI reflects the burdened geopolitical and unstable economic environment, which inevitably negatively affects the growth prospects of the Cypriot economy," concludes the announcement.