Industrial Production Index on the Rise in Cyprus
The Industrial Production Index in Cyprus has shown a notable increase, as recent statistics indicate a year-on-year growth of 6.7 per cent for the month of February, reaching 103.4 points. This upward trend reflects a robust economic performance, with 2021 serving as the baseline year at 100 units.
Delving into sectoral performance, the manufacturing sector has been a significant contributor to this growth, registering a 6.9 per cent increase compared to the same month in the previous year. The momentum was not limited to manufacturing alone; substantial gains were also seen in other areas. The sectors of water supply and material recovery witnessed an impressive surge of 33.8 per cent, while mining and quarrying activities experienced a rise of 29.3 per cent.
However, not all sectors enjoyed positive growth. The electricity supply sector faced a downturn, with a decrease of 5.2 per cent noted in the report.
Within the manufacturing sector itself, several industries stood out with significant growth. The manufacture of other non-metallic mineral products saw an increase of 15.7 per cent, while the manufacture of furniture, as well as the repair and installation of machinery and equipment, grew by 14.9 per cent. Other areas such as the manufacture of machinery and equipment, motor vehicles, and other transport equipment also saw a healthy increase of 13.4 per cent. Additionally, there was a 10.1 per cent rise in the production of base metals and the manufacture of metal products.
Despite the overall positive trend, there was a slight setback in the manufacturing of paper and paper products and printing, which experienced a decrease of 2.3 per cent.
The cumulative data for the first two months of the year further underscores the positive trajectory, with the index showing an overall increase of 5.8 per cent when compared to January-February of the previous year.
The report by the Cyprus Statistical Service underscores the dynamic nature of Cyprus’s industrial landscape and the resilience of its manufacturing sector amidst global economic challenges.
