ECONOMY

Data point to Q4 rebound in Cyprus

Data point to Q4 rebound in Cyprus

The Cypriot economy continued its recovery in the last quarter of 2021 as the year-on-year increase of the Cyprus Composite Leading Economic Index shows.

The CCLEI recorded an annual increase of 14.8% in December 2021, reaching a level of 115.7, after year-over-year increases of 13.7% in November and 13.1% in October.

Most of the CCLEI’s domestic and international components contributed to its positive year-over-year performance in December 2021. The Economic Sentiment Indicators (ESI) in Cyprus and the euro area strengthened in December 2021 compared to December 2020 amid the strengthening of confidence in all business sectors, and the services sector in particular.

Additionally, the high positive year-over-year growth rate of the total number of property sales contracts and the positive year-over-year growth rate of the temperature-adjusted volume of electricity production in December 2021 has a corresponding positive effect on the CCLEI and domestic economic activity. The same applies to credit card transactions.

Preliminary data for December showed tourism and retail sales volume continued to yield a positive effect.