Cyprus stays on course for growth
The Cyprus Composite Leading Economic Index (CCLEI) continued its positive year-over-year growth trend in April 2023, providing further support for the economic forecasts of the Cypriot economy. Despite expectations of a slowdown, the economy is seen avoiding a recession, as indicated by the Economics Research Center (ERC) of the University of Cyprus’ Economics Department.
In April 2023, the CCLEI saw a year-over-year rise of 1.6%, following a 0.6% increase in March and a 0.6% decrease in February, based on recent revised data.
The positive annual growth rate observed in April is attributed to the favorable performance of both domestic and international components of the CCLEI compared to the same period in 2022. Notably, the international price of Brent Crude contributed to the overall rise in the CCLEI, despite its year-over-year growth rate remaining negative.
Furthermore, the ERC highlights that April’s tourism arrivals surpassed not only the arrivals of the previous year but also those of the pre-pandemic year of 2019. This, combined with an acceleration in the yearly growth rate of other domestic components, further strengthens the upward trajectory of the CCLEI.
