The CEIZ index in October recorded a 0.2-index-point rise compared to the previous month, the Zagreb Institute of Economics reported on Friday, adding that CEIZ and GDP movements indicate an economic recovery.
The CEIZ index has been recording a noticeable growth since June 2014, the institute said adding that since then it had gone up by 2.3 index points.
Coincident Economic Index of the Institute of Economics, Zagreb (CEIZ) is a monthly composite business cycle indicator developed by the Institute of Economics, Zagreb. Its purpose is to provide timely information on the current business cycle condition.
The CEIZ index is useful in three ways. First, it is a single-number business cycle indicator containing information that would otherwise have to be accrued by analyzing a large number of economic series. Second, unlike the GDP series, it provides monthly estimates on the state of the economy, thus providing information on fine changes that took place in a short period of time. Third, the CEIZ index is available one to three months prior to quarterly GDP estimates, meaning that policy-makers and the general public can observe the current state of the economy in a timely fashion.