The year-over-year growth rate of a leading indicator used to predict the future direction of economic movements in Cyprus, remained stable in June, as a result of opposing trends within the economic indicators composing the CCLEI, the University of Cyprus said in a monthly report. The Cyprus Composite Leading Economic Index (CCLEI), estimated by the … Read more
A leading indicator, used to predict the future direction of economic movements in Cyprus, turned marginally positive in May, halting the negative year-on-year growth of the index observed in the past three months. The Cyprus Composite Leading Economic Index (CCLEI), estimated by the Economics Research Centre (CypERC) of the University of Cyprus, recorded a year-over-year … Read more
The Economic Sentiment Indicator (ESI-CypERC) in Cyprus increased by 1.6 points in May to 104.5, up 1.4 points from the previous year.
The Cyprus Composite Leading Economic Index (CCLEI) remained negative for the third consecutive month in April, with a year-over-year decrease of 0.6%. This was driven by a slowdown in tourist arrivals and an increase in crude oil prices.
– Economic sentiment in Cyprus improved marginally in April, with the Economic Sentiment Indicator (ESI) increasing by 0.8 points compared to March 2024.
– The rise in the ESI was driven by strengthening business sentiment across all sectors, with the largest increases occurring in the manufacturing and construction sectors.
– Services sentiment improved marginally in April, driven by more optimistic estimates of turnover in the next quarter.
– Retail trade sector sentiment rose slightly, supported by more favorable assessments of current inventory levels and improved expectations for the next quarter’s sales.
– Construction sector sentiment strengthened due to more favorable assessments of ongoing projects and optimistic estimates of number of employees.
– Manufacturing sector sentiment improved due to better assessments of current order levels, finished goods inventories, and expectations for production in the next quarter.
– Consumer sentiment declined in April as consumers appeared more pessimistic about the future economic situation of their households and the country in general compared to March.
– Economic Policy Uncertainty (EPU) index increased marginally in April, with greater uncertainty among businesses in the services and retail sectors.
– Sales price expectations in retail trade moved upward, and consumer price expectations were revised upward, reaching their highest point in six months.
The University of Cyprus Economic Sentiment Indicator (ESI-CypERC) increased by 0.8 points in April compared to March, driven by gains in business confidence in all sectors.
In April 2024, the Economic Sentiment Index (ESI) increased by 0.8 units compared to March 2024. The rise in ESI was driven by a stronger business climate in the manufacturing and construction sectors. Retail trade also saw a slight increase in climate due to more positive assessments of inventory levels and sales expectations. However, consumer sentiment declined in April, with consumers feeling more pessimistic about the future economic situation. Additionally, the Economic Uncertainty Index increased slightly in April, mainly due to greater uncertainty among businesses in the services and retail trade sectors.
Real activity growth in Cyprus is expected to continue at a similar pace as in 2023 and gather momentum in 2025, with real GDP growth forecasted at 2.6% in 2024 and 3.3% in 2025. The growth forecasts have been revised up from previous estimates.
The Cyprus Composite Leading Economic Index (CCLEI) saw a year-over-year decrease of 0.9% in March, indicating a slowing economy on the island.
The Economic Sentiment Indicator (ESI) in Cyprus decreased by 1.2 units in March 2024, falling to 102.1 units due to a deterioration in the business climate across all sectors.