The Composite Leading Economic Index of Cyprus accelerated in August, recording an annual increase of 0.8%, following yearly increases of 0.5% and 0.4% in July and June 2024, respectively.

According to a statement by the University of Cyprus Economic Research Center (CypERC), which compiles the indicator, nearly all of the components contributed to this upward trend, with the exception of the Economic Sentiment Indicator (ESI) for Cyprus.

Domestically, the annual increases in property sales documents, temperature-adjusted electricity production volume, tourist arrivals in Cyprus, credit card transactions, and retail sales volume significantly bolstered the Index.

On an international level, the rise in the Eurozone Confidence Index, coupled with the decline in Brent crude oil prices in August 2024 compared to August 2023, further supported the indicator's growth.

The Index is designed to provide early warning signals for turning points in the economic cycle, i.e., shifts in economic activity.