Local
articles | 25 October 2014

Cyprus industrial sector shrinks in 2013

The industrial sector in Cyprus registered in 2013 a negative growth rate in real terms for a third year in a row.

On the basis of provisional estimates, this rate (as measured in terms of value added at constant market prices of 2005 by the chain linking method) for the whole of the sector recorded a decrease of 9.2% in 2013, compared to a decrease of 8.2% in 2012 and 5.3% in 2011.

Specifically, according to provisional figures, manufacturing recorded a decrease of 9.8%, mining and quarrying 31.0%, electricity supply 7.8% and water supply, sewerage and waste management 3.7%.

The gross output of the industrial sector at current market prices decreased in 2013 by 13.6% and reached €3.935,3 million, compared to €4.556,9 million in 2012.

Value added at current market prices is estimated to have reached €1.350,1 million compared to €1.558,7 million in 2012, recording a decrease of 13.4%. The contribution of the sector to the G.D.P. at current market prices reached 7.8%, from 8.3% in 2012.

Employment in the whole of the sector is estimated to have decreased to 31.9 thousand from 35.6 thousand in 2012 and accounted for 8.9% of the gainfully employed population. The number of persons registered as unemployed increased from 3.893 in 2012 to 4.968 in 2013.

The major developments during 2013 were:

Manufacturing sector
In manufacturing, which constitutes the largest part of the industrial sector, gross output at current market prices reached €2.573,4 million in 2013 compared to €2.953,0 million in 2012, registering a decrease of 12.9%.

Value added recorded a decrease of 13.2% to €846.1 million compared to €974.9 million in 2012.

Employment decreased to 28.5 thousand persons compared to 31.9 thousand in 2012.

Mining and Quarrying and Electricity Supply
Gross output at current market prices reached €983.5 million in 2013, registering a decrease of 17.8% compared to 2012, while value added also decreased by 18.1% to €326.3 million from €398.3 million in 2012.

Employment is estimated to have decreased by 6.9% to 1.823 persons, while expenditure on fixed assets decreased by 23.7%, reaching €186.3 million compared to €244.1 million in 2012.

Water Supply, Sewerage, Waste Management and Remediation Activities
In this part of the industrial sector, the gross output at current market prices rose to €378.5 million in 2013, registering a decrease of 7.0%. Value added decreased by 4.2% and reached €177.7 million.

Employment decreased by 6.0% to 1.586 persons. Consumption of water in the urban regions is estimated to have increased by 1.6% to 31.7 million tonnes, compared to 31.2 million tonnes in 2012.

Exports of Industrial Products
Exports of domestically produced industrial products reached €528.4 million in 2013 compared to €488.1 million in 2012, recording an increase of 8.2%.

The most important categories of industrial products exported were pharmaceutical products, food and beverages, non-metallic mineral products, recycled products, basic metals and machinery and equipment.

Large increases compared to 2012 were recorded in the exports of cement and pharmaceutical and dairy products, while important decreases were recorded in the exports of photovoltaic cells and recycled products.

Source: Famagusta Gazette

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