The Industrial Production Index in Cyprus has seen a year-on-year uplift of 3.4 per cent in March, marking its continued upward trajectory for the eleventh month in a row, according to a report released this week by the Cyprus Statistical Service (CyStat). According to the report, the index stood at 107.8 points in March, with 2021 as the base year with a value of 100 units, evidence of a 3.4 per cent increase from March 2023.
For the first quarter of 2024, the index demonstrated a robust increase of 4.8 per cent when compared to the same period in the previous year.
Sector-Wise Performance
Sector-wise, the manufacturing sector experienced a rise of 2.7 per cent over March 2023. Notably, the water supply and materials recovery sector recorded a significant surge of 23.3 per cent, while smaller increments were noted in the electricity supply and mining and quarrying sectors, which grew by 0.9 per cent and 0.7 per cent respectively.
Within the manufacturing sector, standout performers included the manufacture of furniture and repair/installation of machinery and equipment, which rose by 11.9 per cent. This was closely followed by the manufacture of electronic and optical products and electrical equipment, and basic metals and fabricated metal products, which increased by 9.0 per cent and 8.8 per cent respectively.
Conversely, the sectors witnessing the most considerable declines were the manufacture of paper and paper products and printing, which dipped by 8.9 per cent, alongside the manufacture of refined petroleum products, chemicals and chemical products, and pharmaceutical products and preparations, which saw a reduction of 5.1 per cent.
