articles | 28 February 2024

Industrial production in Cyprus grows by 2.4 per cent

Industrial production in Cyprus witnessed an increase of 2.4 per cent in 2023 compared to the previous year, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

Cyprus’ Industrial Production Index reached 136.1 units in December 2023, with 2015 being the base year, marking a 2.3 per cent rise compared to the same month in 2022. Moreover, during 2023, the index experienced an increase of 2.4 per cent compared to the previous year. In the manufacturing sector, a notable uptick of 0.8 per cent was observed in December 2023 compared to the same month in 2022. Additionally, significant increases were recorded in the water supply and material recovery sectors (+27.7 per cent), mining and quarrying (+5.3 per cent), and electricity supply (+3.8 per cent).

Within the manufacturing sector, the most noteworthy positive changes in December 2023, compared to the same month in 2022, were in the production of electronic and optical products and electrical equipment (+25.9 per cent), the production of basic metals and the manufacture of metal products (+13.7 per cent), and the production of products from rubber and plastics (+1.3 per cent).

On the flip side, the most significant negative changes were observed in the activities of furniture construction and repair/machinery installation (-5.9 per cent), the production of textile fibres, clothing items, and leather goods (-4.1 per cent), and the construction of other non-metallic mineral products (-4.0 per cent).

Comparing the growth rates for the period January-December 2023 with the corresponding period of the previous year, significant increases were noted across several sectors. Specifically, the production of electronic and optical products along with electrical equipment saw a substantial surge of 28.2 per cent. Additionally, the construction of machinery, equipment, motor vehicles, and other transport equipment experienced a noteworthy growth rate of 11.5 per cent, while the production of basic metals and the manufacture of metal products increased by 10.9 per cent.

Other sectors contributing to the positive trend include the collection, processing, and supply of water (+9.3 per cent) and material recovery (+7.9 per cent). However, amidst the overall positive growth, certain activities faced a decline in production compared to the previous year. The construction and repair of furniture, along with machinery installation, observed a decrease of 7.3 per cent.

Similarly, there was a dip in electricity supply by 1.3 per cent, and a marginal decrease of 0.1 per cent was noted in the construction of products from rubber and plastics.

Source: Cyprus Mail

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