The Cyprus Composite Leading Economic Index, developed and estimated by the University of Cyprus’s Economic Research Center (CypERC), showed an annual increase of 1.1% in September 2024. This rise follows yearly increases of 0.8% in August and 0.4% in July 2024, based on the latest revised data.

According to the CypERC, the Index’s annual growth rate continued its upward trend in September 2024, supported by nearly all of its components. Key contributors to this increase included several significant economic indicators.

The annual growth of Index's components—such as tourist arrivals in Cyprus, transactions with Cypriot credit cards, retail sales volume, and the Economic Sentiment Indicator (ESI) in both Cyprus and the Eurozone—played a substantial role in driving the Index upward. Additionally, a drop in Brent crude oil prices in September 2024 compared to September 2023 further supported the index’s positive performance.

However, certain factors tempered the Index’s growth in September. Specifically, declines in the annual growth rates of property sale contracts and the temperature-adjusted volume of electricity production limited the index’s further increase.

“In summary, the Index continued its upward trajectory in September 2024, bolstered by the expansion of most underlying leading economic indicators,” CypERC reported.