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CCLEI: Lifting Of Restrictive Measures Contributes To Domestic Economic Growth
April 14, 2021
The Cyprus Composite Leading Economic Index (CCLEI) (1) recorded a year-over-year decrease of 0.1% in March 2021 (2) reaching a level of 103.4, after the year-over-year reductions of 4.8% in February and 5.1% in January (based on the latest and revised data).
The recovery of the CCLEI in March 2021 reflects the extensive vaccination campaigns and the gradual lifting of the restrictive measures against the COVID-19 pandemic, which have helped to form improved economic growth expectations and conditions.
More specifically, the Economic Sentiment Indicator (ESI) in the euro area, including Cyprus, strengthened significantly in March 2021. It is worth mentioning that the ESI in Cyprus does not record the sharp increase of the corresponding euro area ESI due to the fact that the business climate in Cyprus, in contrast to that of the euro area, declined in March 2021.