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Neither inflation nor the pandemic affects the recovery

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The Composite Economic Index (CPI) of Cyprus & nbsp; recorded an annual increase of 14.8% in January & nbsp; in 2022, reaching a level of 109.4, after annual increases of 14.4% in December 2021 and 13.8% in November ( based on recent and revised data).

Most of its domestic and international components contributed to the upward course of the SPOD in January 2022. More specifically, the strengthening of confidence in all business sectors, and especially in the services sector in January 2022 compared to January 2021, strengthened the Economic Climate Indices (ECC) in Cyprus and the eurozone that make up the GPA. & Nbsp; In addition, the number of real estate sales registrations and the volume of electricity generation – adjusted for temperature – continue to have a positive effect on the SPD, recording an increase in January 2022 compared to the previous year. The value of credit card transactions also shows a significant annual increase. According to preliminary data from January, tourist arrivals and retail sales continue to have a positive effect on the SPD and domestic economic activity. & Nbsp; In contrast, the price of oil (Brent Crude) helps to curb the rise of the SPD in January after recording a significant increase in January 2022 compared to January 2021.

In conclusion, & nbsp; the Cypriot economy will continue to move at a pace of recovery according to the positive annual growth rate of the SPD recorded in January 2022, despite the rising price (Brent Crude) and the continuing challenges of the pandemic continue to be an aggravating factor in its short-term growth prospects. Further information on the construction methodology of the SPOD can be found at: Cyprus Composite Leading Economic Index (CCLEI)

Source: www.philenews.com

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