The KOE economy index is on a positive course

The Composite Leading Economic Index (CPI) of Cyprus, compiled by the Center for Economic Research (CEP) of the University of Cyprus, maintains positive growth.

According to data released today, the index recorded an annual increase of 0.8% in August 2024, following the annual increases of 0.5% and 0.4% recorded in the months of July and June 2024, respectively (according to the latest and revised data).

Almost all components of the Index, with the exception of the Economic Climate Index (ECI) in Cyprus, contributed to this upward trend.

Domestically, year-on-year increases in property sales documents, temperature-adjusted electricity production volume, tourist arrivals to Cyprus, credit card transactions, as well as retail sales volume significantly boosted SPOD.

Internationally, the rise in the Confidence Index in the Eurozone, combined with the decline in Brent crude oil prices in August 2024 compared to August 2023, further supported the growth of the Index.

In conclusion, the annual growth rate of SPOD remained positive in August 2024, due to the growth of almost all its underlying economic indicators.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy