Cyprus industrial output decline deepens in March

The decline in industrial production deepened in March, output falling by 16.1% compared with March 2012, after a fall of 15.3% in February.

Industrial production comprises manufacturing, electricity, water supply and materials recovery, and mining and quarrying. The biggest decline by subsector was recorded by mining and quarrying, which fell over the year earlier by 30.8%, presumably as there was little demand for building materials. Manufacturing dropped by 16.8%. The only subsector showing growth was chemical products, pharmaceutical products and preparations, which rose over the year earlier by 9.1%. Electricity supply declined by 12.3%, while water supply and materials recovery fell by 13.5%. In the first three months of the year industrial production fell over the year earlier by 13.0%. Meanwhile, industrial output prices in April rose by 0.1% compared with March 2013 and by 1.7% in the first four months of the year.

Source: Financial Mirror