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Cyprus Leading Econ Index Foresees Recovery Of Economy

Cyprus Leading Econ Index Foresees Recovery Of Economy

The Cyprus Composite Leading Economic (CCLE) Index, constructed by the University of Cyprus Economic Research Centre and the Hellenic Bank, confirmed the indication for a contraction in the Cypriot economy, as the impact of the coronavirus pandemic led once more to the recording of the negative year-over-year growth rate in May 2020.


The Index mentions that the negative year-over-year growth rate of the CCLEI confirms that the domestic economy was faced with an unprecedented contraction attributed to the temporary closure of the economy. In particular, among the measures taken, the ban on entry into the Republic of Cyprus resulted in zero tourist arrivals in May 2020, while the number of tourists in June 2020 is considerably lower relative to June last year.


In addition, preliminary estimates indicate the negative year-over-year growth rates for the volume of retail sales and electricity production in May and June 2020.


Nevertheless, the gradual recommencement of economic activity foreshadows the recovery of the Cypriot economy, which is expected to be particularly noticeable in the second half of 2020.


The Economic Sentiment Indicator (ESI) in the euro area, including Cyprus, has already shown signs of improvement in May and June 2020. In addition, the Brent Crude oil prices have recently recovered as restrictive measures in most countries have been gradually eased. It is also noted that, the value of credit card transactions has increased, which reflects both the restart of the economy, as well as the preference for electronic payments as a precautionary measure against the coronavirus pandemic.


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