Rising oil prices and the mounting geopolitical pressures decelerated the Cyprus Composite Leading Economic Index (CCLEI) in February, the University of Cyprus’ Economic Research Centre (ERC) has said, CNA reports.
According to ERC, the CCLEI recorded a year-over-year increase of 15.0% in February 2022, reaching a level of 111.8 units, after annual rises of 15.2% in January 2022 and 14.4% in December 2021, based on recent and revised data.
Most of the domestic and international components of the CCLEI contributed to its positive growth rate in February 2022 compared to the previous year. According to ERC, the confidence in all business sectors, especially in the services sector, which strengthened in February 2022 compared to last year, led to the strengthening of the Economic Sentiment Indicator (ESI) in the euro area and in Cyprus.
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